Sylndr Raises $15.7M to Revolutionize Egypt's Used Car Market

Cairo-based Sylndr has secured $15.7 million in funding to expand its used car platform in Egypt. The investment, led by Development Partners International’s Nclude Fund, includes follow-on investments from Algebra Ventures and Nclude. This latest round comprises fresh equity and previously unannounced seed financing, bringing Sylndr's total funding to over $30 million, including nearly $10 million in debt financing from local banks.

Founded in 2021 by Omar El Defrawy and Amr Mazen, Sylndr initially focused on buying, refurbishing, and reselling used cars directly to consumers. The company has since evolved into a comprehensive mobility platform offering digital auto loans, car servicing, and a marketplace for third-party dealers.

Expanding Beyond Car Sales

Sylndr CEO Omar El Defrawy stated that the expansion into financing and servicing aims to reduce the company's reliance on inventory and capital. The company has launched three new verticals:

  • Sylndr Swift: A digital auto financing platform connecting buyers with banks and underwriters, offering approvals in under 10 minutes.
  • Sylndr Plus: Provides inspections, maintenance, and servicing for cars sold on the platform.
  • Al-Ajans: A dealer-to-consumer marketplace where third-party dealers can list and sell cars, with Sylndr handling inspections, ownership transfers, and payments.

These services are integrated into a single mobile app, creating a one-stop shop for buying, financing, and managing car ownership.

Addressing Egypt's Used Car Market Challenges

Egypt's used car market, estimated at $10 billion, is largely unregulated. Sylndr aims to formalize processes around inspections, pricing, financing, and ownership transfers. The average sale price on Sylndr's platform is between $20,000 and $25,000, remaining stable despite currency devaluation.

While Sylndr declined to share specific revenue figures, the company reported a nearly tenfold increase in sales since 2022.

Focusing on Egypt's Growth Potential

Sylndr plans to focus on expanding within Egypt, where it claims to be the largest used car trading company by volume and value. The company believes its integrated model and infrastructure provide a competitive advantage.

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.

- Ashley Lewis, Managing Partner at DPI Venture Capital

This investment marks DPI's third deal in the past month, following investments in Egyptian fintech platform MoneyFellows and proptech startup Nawy.