Egypt's Sylndr Secures $15.7 Million Investment to Challenge the Second-Hand Vehicle Sector
Sylndr, a Cairo-based startup, has raised $15.7 million in its Series A round, led by DPI Venture Capital via the Nclude Fund. This funding brings Sylndr's total funding to over $30 million, and the funds will be used to further digitize and expand the platform's capabilities.
Launched in 2021, Sylndr started as a car marketplace, but it has since evolved into a full-stack mobility platform. The platform now handles financing, inspections, and dealer services in addition to being a car marketplace.
Sylndr differentiates itself by focusing on enhancing trust and transparency in the traditionally fragmented and opaque used-car sector. The used-car market in Egypt is massive but faces challenges with paper contracts, cash deals, and unverified listings. Sylndr aims to address these issues by offering trust, technology, and financing.
To achieve this, Sylndr has launched three new business verticals. Sylndr Swift is a digital car loan platform, Sylndr Plus offers services like inspections, maintenance, and ownership transfers, and Al-Ajans is a toolkit for local car dealers to digitize and scale their operations.
Omar El Defrawy, Sylndr's co-founder and CEO, stated that the raised funds will enable national expansion and product offerings. Ashley Lewis, Managing Partner at DPI, expressed that Sylndr is constructing the digital backbone of mobility, blending commerce, credit, and technology to address a broken system.
Sylndr has received backing from top regional investors like Algebra Ventures, Nuwa Capital, Raed Ventures, and DPI Venture Capital. These investors have recognised the potential of Sylndr to revolutionise the used-car market in Egypt and beyond.
In summary, Sylndr's current status is that of a well-funded and rapidly growing startup dedicated to digitizing Egypt's used-car market with integrated services. Its future plans focus on platform expansion into finance and servicing, continuing to innovate and build trust in vehicle transactions to transform mobility access in Egypt.
With the recent Series A funding of $15.7 million, Sylndr plans to utilize technology to further expand its full-stack mobility platform, specifically focusing on financing business verticals. This investment aligns with Sylndr's mission to revolutionize Egypt's used-car market and beyond, by establishing a digital backbone for commerce, credit, and technology.
