$12.6 M pre-seed funding secured by Egyptian online used car retailer Sylndr

Sylndr, an Egyptian online used automobile reseller, has secured a pre-seed fundraising round of $12.6 million to assist it to build its operational and technological infrastructure, enhancing brand recognition, and growing its workforce.

Sylndr is an automotive-focused e-commerce site founded by Omar El Defrawy and Amr Mazen in November 2021. It allows users to sell and purchase old vehicles in a secure and transparent manner.

“We aim to become the most trusted used car 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, Sylndr’s chief executive officer (CEO), said.

“Sylndr will be the go-to place for customers seeking affordable cars, featuring an extensive range of high-quality used vehicles accessible through a diverse set of financing solutions.”

To that end, the company has received a $12.6 million pre-seed round headed by RAED Ventures, with participation from Algebra Ventures, Nuwa Capital, 1984 Ventures, Worldwide Founders Capital, and a number of notable regional and global angel investors. The funds obtained will be used to expand Sylndr’s operational capabilities, technical infrastructure, and brand recognition, as well as to hire a “superstar team” capable of realizing the company’s mission.

“We are privileged to have earned the trust of such a distinct group of regional and global investors; a testament to the immense potential of the opportunity, and the breadth of our founding team,” said El Defrawy.

“If we do our job right, our impact will be felt by so many Egyptians across different market segments, as we empower them to own their dream cars.”

According to Omar A. Almajdouie, managing partner of RAED Ventures, the secondary automobile industry is increasingly fragmented, which means consumers frequently lack a trustworthy counterpart.

“The market is massive, ripe for disruption and we’re excited to be part of Sylndr’s journey as they transform and set an entirely new standard for the used car market. Given the unique background and experience of this team, we believe in their ability to crack this business model,” he said.