"We aim to become the most trusted used cars retailer in the region," said CEO Omar El Defrawy
Egyptian online used-car retailer startup Sylndr recently secured $12.6 million in a pre-seed round, aiming to direct its new funding to expanding its operations and team size by the end of the year.
“In a market where more than 2,000 used cars are sold daily and 750,000 used cars that are sold yearly in Egypt, there are several structural challenges that result in a poor and unsatisfactory experience for all customers such as significant lack of trust between buyers and sellers, unavailability of quality used cars, and limited access to financing,” said Sylndr CEO Omar El Defrawy in a statement.
Founded by El Defrawy and Amr Mazen, Sylndr is an online used-car marketplace dedicated to providing a hassle-free experience to buy, sell and finance cars transparently and reliably.
"We aim to become the most trusted used cars retailer in the region. Our customers will be able to sell their cars directly in as little as 24 hours, with free collection and fast payment,” El Defrawy added.
The startup aims to use the new funding to build its operational capabilities, technological infrastructure, brand awareness, and double its team size by the end of 2022.
The pre-seed round was led by RAED Ventures, with participation from Algebra Ventures, Nuwa Capital, 1984 Ventures, Global Founders Capital, and a number of prominent regional and global angel investors.