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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 to expand into auto financing, servicing, and dealer tools beyond online used car sales in Egypt.
- The funding round was led by Development Partners International’s Nclude Fund, with follow-on investments from Algebra Ventures and Nclude.
- Sylndr raised over $30 million in total since its launch, including a $12.6 million pre-seed round in 2022 and nearly $10 million in debt financing.
- Founders Omar El Defrawy and Amr Mazen initially focused on direct car sales to consumers, later expanding to a broader mobility platform offering loans, servicing, and a dealer marketplace.
- Sylndr aims to formalize processes in Egypt's used car market, estimated at $10 billion, by introducing standardized pricing, digital financing, and ownership transfers.
- Revenue and sales on Sylndr's platform have shown significant growth, with average sale prices remaining stable despite currency fluctuations.
- The company has launched Sylndr Swift for automotive financing, Sylndr Plus for inspections and servicing, and Al-Ajans for a dealer-to-consumer marketplace.
- Sylndr's revenue is now evenly split between direct-to-consumer sales and B2B transactions, with plans for the newer verticals to contribute up to 60% of gross profit.
- Its integrated model and infrastructure make it challenging for competitors to replicate, positioning Sylndr as a dominant player in Egypt's used car ecosystem.
- Sylndr intends to deepen its footprint in Egypt and is focused on providing an end-to-end solution for buyers and dealers across the value chain.
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