Latest news with #Sylndr
CairoScene
20-05-2025
- Automotive
- CairoScene
Sylndr Raises $15.7 Million to Expand Its Used Car Platform in Egypt
Sylndr secures fresh funding to scale operations, enhance services, and expand digital mobility solutions across Egypt. May 20, 2025 Sylndr, an Egyptian e-commerce platform specialising in used cars, has secured $15.7 million in Series A funding to support its nationwide expansion and the development of new automotive services. The company, founded in November 2021, looks to position itself as a transparent and reliable solution for car buying and selling in Egypt's rapidly evolving mobility sector. The Series A round was led by DPI Venture Capital through the Nclude Fund, with participation from a group of regional and international investors including Algebra Ventures, Nuwa Capital, Raed Ventures, Uncovered Fund, Beltone Venture Capital, and Camel Ventures. This new injection of capital follows earlier rounds that included $12.6 million in pre-seed funding in May 2022 and $7.45 million in working capital raised in November 2023. In 2025, the company introduced three new verticals: Sylndr Swift, a digital auto financing service; Sylndr Plus, which offers vehicle services; and Al-Ajans, a growth programme targeting car dealers. These new offerings are designed to diversify Sylndr's reach and deepen its impact on the automotive market. With the latest investment, Sylndr plans to extend its operations to all major governorates across Egypt. The expansion strategy includes a strong focus on enhancing technological capabilities, boosting innovation, and strengthening partnerships with dealers, financial institutions, and service providers.
Wamda
20-05-2025
- Automotive
- Wamda
Sylndr closes $15.7 million Series A to drive automotive innovation in Egypt
Cairo-based used-car platform Sylndr has raised $15.7 million in a Series A equity round, led by DPI Venture Capital via the Nclude Fund, with participation from Algebra Ventures, Nuwa Capital, Raed Ventures, Uncovered Fund, Beltone Venture Capital, and Camel Ventures. Founded in 2021 by Amr Mazen and Omar El Defrawy, Sylndr allows customers to buy and sell their cars as well as find financing solutions. The funding will be used to accelerate Sylndr's expansion across Egypt, enhance its pricing intelligence, inventory, and fintech capabilities, and strengthen partnerships with dealers, lenders, and service providers. In November last year, Sylndr secured a $7.46 million capital facility tailored specifically to the unique dynamics of Sylndr's business model. Press release: Sylndr, Egypt's leading used-car marketplace, today announced the closing of its $15.7 million Series A equity round, led by Development Partners International (DPI) Venture Capital via the Nclude Fund, with participation from Algebra Ventures, Nuwa Capital, Raed Ventures, Egyptian Gulf Holding, Uncovered Fund, Beltone Venture Capital, and Camel Ventures. This round supports Sylndr's mission to digitise and bring transparency to every aspect of Egypt's mobility landscape, from buying and selling to financing and insuring. 'We're incredibly excited about this new chapter and deeply grateful for the support and belief our shareholders continue to place in our mission,' said Omar El Defrawy, Co founder and CEO of Sylndr. 'This round allows us to scale nationally and expand our product offering as we continue building the go-to platform for mobility in Egypt.' A Fully Integrated Mobility Platform Founded in 2022, Sylndr is addressing one of Egypt's most fragmented and informal sectors, the used car market, through a technology-driven platform that integrates operational scalability, asset-backed financing, and real-time pricing. What began as a marketplace for used vehicles has evolved into a multi-layered offering serving both consumers and dealers. In a region where mobility is a functional necessity and a catalyst for economic prosperity, Sylndr is improving livelihoods and enabling greater financial mobility. In 2025, the company expanded its portfolio with three new strategic verticals: Sylndr Swift: Fully digital automotive financing solution, enabling faster and more accessible car financing solutions. • Sylndr Plus: A vehicle services platform offering inspections, car ownership diligence and transfer, maintenance, and ongoing service support for customers seeking convenience and affordability. • Al-Ajans: A business growth programme tailored to car dealers, helping them digitize, grow their inventory, and connect more efficiently with buyers. With continued product innovation and a growing operational presence, Sylndr is building a category-defining platform in Egypt's multi-billion-dollar used car market. What's Next for Sylndr With this new funding, Sylndr plans to: • Accelerate its geographic expansion, bringing its platform and services to all major governorates across Egypt. • Accelerate technology and product innovation to improve pricing intelligence, expand inventory selection, and scale financing capabilities. • Expand its product and service portfolio, leveraging its marketplace, financing, and servicing rails to introduce complementary offerings that reach a broader customer base. • Deepen partnerships with local dealers, financial institutions, and service providers to grow its ecosystem. Sylndr's integration of commerce, fintech, and after-sales services positions it at the core of the mobility value chain, well-placed to lead Egypt's shift toward a more efficient and trusted used car market. Investor Confidence in Team and Market Opportunity 'Sylndr is building the digital backbone of mobility in a market where access, trust, and financing have long been barriers to ownership. Their integrated model brings together commerce, credit, and technology to fundamentally improve how Egyptians buy and sell cars,' said Ashley Lewis, Managing Partner at DPI Venture Capital. 'Via the Nclude Fund, we're proud to support Sylndr's vision of creating a more inclusive, tech-enabled automotive ecosystem in Egypt and beyond.' 'The Sylndr team has shown sharp execution and a clear vision in transforming Egypt's used car market," said Laila Hassan, General Partner at Algebra Ventures. Their expansion into financing and vehicle services reflects both ambition and a deep understanding of local market dynamics." We're proud to continue supporting them as they build a category-defining mobility platform for Egypt and the region."
Yahoo
20-05-2025
- Automotive
- Yahoo
Sylndr, with fresh $15.7M, allows users to buy, sell, finance, and service used cars in Egypt
Cairo-based Sylndr has raised $15.7 million as it expands beyond online used car sales into auto financing, servicing, and tools for dealers. The round was led by Development Partners International's Nclude Fund and included follow-on investments from Algebra Ventures and Nclude. The company, which operates in Egypt's fast-growing but under-digitized vehicle market, said the latest round includes both fresh equity and previously unannounced seed financing. Sylndr also raised nearly $10 million in debt financing from local banks in the past year, bringing its total raised since launch to over $30 million. Sylndr raised a $12.6 million pre-seed round in 2022. Omar El Defrawy and Amr Mazen, former executives at local food delivery and e-commerce startups, founded the used cars platform in 2021 and initially focused on buying used cars directly from consumers, refurbishing them, and reselling them with a warranty and money-back guarantee. It has since evolved into a broader mobility platform, offering digital auto loans, car servicing, and a marketplace for third-party dealers. 'When we started the business, we were primarily focused on a consumer problem related to buying and selling cars,' said co-founder and CEO Omar El Defrawy in an interview with TechCrunch. 'And when we started to scale that business, it became very clear to us that the market is much bigger than that, and creating value to customers would require us to build other compelling businesses that integrate with what we're doing.' Egypt has over 6 million cars on the road, with demand for used cars growing amid currency devaluation and rising prices for new imports. In 2021, the government banned used car imports, forcing the market to rely entirely on domestic inventory, driving prices to mirror the exchange rate. As a result, used cars in Egypt, while outnumbering new vehicles by 3:1, are primarily sold through unregulated dealerships or classified websites, where informal transactions leave buyers carrying most of the risk. Sylndr, an online used-car retailer, raises $12.6M pre-seed to disrupt Egypt's automotive market Sylndr sees opportunity in that mess, which it estimates as a $10 billion market by formalizing processes around inspections, standardized pricing, digital financing, and securing ownership transfers. The average sale price on Sylndr's platform is between $20,000 and $25,000, El Defrawy said. He explained that the number has remained stable in dollar terms over the last three years, despite the Egyptian pound losing more than half its value. This is because used car prices in Egypt are marketed similarly to imported new cars, which are dollar-pegged Sylndr declined to share revenue or transaction volume but said sales have increased nearly tenfold since 2022. Revenue in Egyptian pounds increased 22 times during that period, and by a factor of five when adjusted for the dollar, the CEO, who previously led finance operations at food discovery Elmenus, claimed. Sylndr's expansion beyond car sales to three new verticals is to reduce its dependence on inventory and capital. There's Sylndr Swift, a digital automotive financing product that connects buyers with banks and underwriters. The platform provides financing approvals in under 10 minutes, according to El Defrawy. Sylndr does not lend from its own balance sheet, he added. In addition to Swift, Sylndr recently introduced Sylndr Plus, which offers inspections, maintenance and servicing for cars sold on its platform. The third vertical, Al-Ajans, is a dealer-to-consumer marketplace that allows third-party dealers to list and sell cars with Sylndr handling inspection, ownership transfer, and payments. Each vertical runs under its own brand name, but Sylndr has integrated them all into a single mobile app—creating a one-stop shop for buying, financing, and managing car ownership. 'We've fully integrated these services to help customers buy, sell, finance, rent, and service their cars—and to help dealers operate more efficiently and go digital,' said El Defrawy, who's a former investment banker. The company's revenue is now evenly split between direct-to-consumer sales and B2B transactions with dealers, he added. However, he expects that the newer financing and servicing verticals will contribute up to 60% of gross profit within two years. Sylndr currently works with more than 1,000 dealers nationwide and serves both buyers and sellers through its online and offline channels. While other regional players such as Contactcars, OLX and Nigeria-based Autochek, which made inroads into Egypt with AutoTager in 2023, have similar offerings, El Defrawy says he doesn't see them as close competition in terms of providing an end-to-end solution for buyers and dealers across the value chain. Sylndr's infrastructure of inspection, refurbishment, and bank partnerships makes it difficult for outside players to replicate its model, he says. As such, unlike other startups in Egypt that have traditionally used their home market as a springboard to the Gulf, Sylndr plans to deepen its presence in Egypt, where the CEO asserts it is 'the biggest used car trading company by volume and value.' 'Sylndr is building the digital backbone of mobility in a market where access, trust, and financing have long been barriers to ownership. Their integrated model brings together commerce, credit, and technology to fundamentally improve how Egyptians buy and sell cars,' said Ashley Lewis, Managing Partner at DPI Venture Capital. This marks the third deal announced by the recently launched London-based VC firm in the past month, following investments in Egypt's digital savings and credit platform MoneyFellows and proptech startup Nawy. Egypt's Nawy, the largest proptech in Africa, raises $52M to take on MENA Sign in to access your portfolio
TechCrunch
20-05-2025
- Automotive
- TechCrunch
Sylndr, with fresh $15.7M, allows users to buy, sell, finance, and service used cars in Egypt
Cairo-based Sylndr has raised $15.7 million as it expands beyond online used car sales into auto financing, servicing, and tools for dealers. The round was led by Development Partners International's Nclude Fund and included follow-on investments from Algebra Ventures and Nclude. The company, which operates in Egypt's fast-growing but under-digitized vehicle market, said the latest round includes both fresh equity and previously unannounced seed financing. Sylndr also raised nearly $10 million in debt financing from local banks in the past year, bringing its total raised since launch to over $30 million. Sylndr raised a $12.6 million pre-seed round in 2022. Omar El Defrawy and Amr Mazen, former executives at local food delivery and e-commerce startups, founded the used cars platform in 2021 and initially focused on buying used cars directly from consumers, refurbishing them, and reselling them with a warranty and money-back guarantee. It has since evolved into a broader mobility platform, offering digital auto loans, car servicing, and a marketplace for third-party dealers. 'When we started the business, we were primarily focused on a consumer problem related to buying and selling cars,' said co-founder and CEO Omar El Defrawy in an interview with TechCrunch. 'And when we started to scale that business, it became very clear to us that the market is much bigger than that, and creating value to customers would require us to build other compelling businesses that integrate with what we're doing.' Egypt has over 6 million cars on the road, with demand for used cars growing amid currency devaluation and rising prices for new imports. In 2021, the government banned used car imports, forcing the market to rely entirely on domestic inventory, driving prices to mirror the exchange rate. Techcrunch event Join us at TechCrunch Sessions: AI Secure your spot for our leading AI industry event with speakers from OpenAI, Anthropic, and Cohere. For a limited time, tickets are just $292 for an entire day of expert talks, workshops, and potent networking. Exhibit at TechCrunch Sessions: AI Secure your spot at TC Sessions: AI and show 1,200+ decision-makers what you've built — without the big spend. Available through May 9 or while tables last. Berkeley, CA | REGISTER NOW As a result, used cars in Egypt, while outnumbering new vehicles by 3:1, are primarily sold through unregulated dealerships or classified websites, where informal transactions leave buyers carrying most of the risk. Sylndr sees opportunity in that mess, which it estimates as a $10 billion market by formalizing processes around inspections, standardized pricing, digital financing, and securing ownership transfers. The average sale price on Sylndr's platform is between $20,000 and $25,000, El Defrawy said. He explained that the number has remained stable in dollar terms over the last three years, despite the Egyptian pound losing more than half its value. This is because used car prices in Egypt are marketed similarly to imported new cars, which are dollar-pegged Sylndr declined to share revenue or transaction volume but said sales have increased nearly tenfold since 2022. Revenue in Egyptian pounds increased 22 times during that period, and by a factor of five when adjusted for the dollar, the CEO, who previously led finance operations at food discovery Elmenus, claimed. Digitizing Egypt's car market Sylndr's expansion beyond car sales to three new verticals is to reduce its dependence on inventory and capital. There's Sylndr Swift, a digital automotive financing product that connects buyers with banks and underwriters. The platform provides financing approvals in under 10 minutes, according to El Defrawy. Sylndr does not lend from its own balance sheet, he added. In addition to Swift, Sylndr recently introduced Sylndr Plus, which offers inspections, maintenance and servicing for cars sold on its platform. The third vertical, Al-Ajans, is a dealer-to-consumer marketplace that allows third-party dealers to list and sell cars with Sylndr handling inspection, ownership transfer, and payments. Each vertical runs under its own brand name, but Sylndr has integrated them all into a single mobile app—creating a one-stop shop for buying, financing, and managing car ownership. 'We've fully integrated these services to help customers buy, sell, finance, rent, and service their cars—and to help dealers operate more efficiently and go digital,' said El Defrawy, who's a former investment banker. The company's revenue is now evenly split between direct-to-consumer sales and B2B transactions with dealers, he added. However, he expects that the newer financing and servicing verticals will contribute up to 60% of gross profit within two years. Sylndr currently works with more than 1,000 dealers nationwide and serves both buyers and sellers through its online and offline channels. While other regional players such as Contactcars, OLX and Nigeria-based Autochek, which made inroads into Egypt with AutoTager in 2023, have similar offerings, El Defrawy says he doesn't see them as close competition in terms of providing an end-to-end solution for buyers and dealers across the value chain. Sylndr's infrastructure of inspection, refurbishment, and bank partnerships makes it difficult for outside players to replicate its model, he says. As such, unlike other startups in Egypt that have traditionally used their home market as a springboard to the Gulf, Sylndr plans to deepen its presence in Egypt, where the CEO asserts it is 'the biggest used car trading company by volume and value.' 'Sylndr is building the digital backbone of mobility in a market where access, trust, and financing have long been barriers to ownership. Their integrated model brings together commerce, credit, and technology to fundamentally improve how Egyptians buy and sell cars,' said Ashley Lewis, Managing Partner at DPI Venture Capital. This marks the third deal announced by the recently launched London-based VC firm in the past month, following investments in Egypt's digital savings and credit platform MoneyFellows and proptech startup Nawy.
