Egyptian online marketplace, Sylndr for used cars has raised $12.6 million in pre-Seed round on Monday. RAED Ventures in conjunction with from Algebra Ventures, Nuwa Capital, 1984 Ventures, Global Founders Capital, and a group of regional and global angel investors, led this round.
Sylndr launched in 2021 by Amr Mazen and former chief finance officer of elmenus, Omar El Defrawy. The company offers customers to buy, sell their cars and to find financing solutions. Sylndr planning to use the fresh funding to extent its operations, technology infrastructure and increase Sylndr’s team be able to actualise the company’s ambitious vision.
Photo : wamda.com
“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.” Omar El Defrawy, Sylndr’s Chief Executive Officer, stated.
“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. 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.” El Defrawy highlighted. “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,” he added.
“The secondary car market is highly fragmented and more often than not, consumers do not have a trusted counterpart.” Omar A. Almajdouie, Managing Partner at RAED Ventures said. “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.” Almajdouie highlighted.
“We are excited to back the all-star team behind Sylndr as they take on such an opportunity. The competence of the team, coupled with the massive business potential inside Egypt and beyond, forge a solid path to success. Supporting these exceptional entrepreneurs at such an early stage embodies Algebra Ventures’ ‘Founder First’ strategy.” Laila Hassan, General Partner at Algebra Ventures, said. “As a new partner at Algebra Ventures, I’m personally excited to lead this investment and I look forward to being part of their ambitious journey,” Hassan concluded.
