Egypt's used-car platform Sylndr secures $15.7 million in funding to challenge the existing market
Sylndr, a Cairo-based startup, has raised $15.7 million in its Series A round, aiming to reshape the used-car market in Egypt and beyond. Since its launch in 2022, Sylndr has evolved from a simple car marketplace into a full-stack mobility platform.
Originally operating in Egypt's chaotic used-car market, Sylndr now offers a range of services beyond just used-car sales. These include Sylndr Swift, a digital car loan platform, Sylndr Plus for vehicle inspections, maintenance, and ownership transfers, and Al-Ajans, a toolkit to help local car dealers digitize and scale their businesses.
The funding round was led by DPI Venture Capital via the Nclude Fund, with backing from top regional investors like Algebra Ventures, Nuwa Capital, and Raed Ventures. Omar El Defrawy, co-founder and CEO of Sylndr, stated that the raised funds will enable the company to scale nationally and expand their product offerings.
Egypt's used-car market is significant, accounting for about 14.7% of the African used-car market in 2024. Government incentives boosting local assembly and economic reforms have increased the demand for affordable car ownership, including through auto financing, which rose by 12% in 2022. Sylndr aims to capitalize on this growth by integrating financing and after-sales services, thereby offering a more comprehensive automotive ecosystem.
The used-car market in Egypt is massive but is plagued by paper contracts, cash deals, and unverified listings. Sylndr is betting on trust, technology, and financing to address these issues and reshape mobility in the region. Ashley Lewis, Managing Partner at DPI, commented that Sylndr is building the digital backbone of mobility and is blending commerce, credit, and technology to fix a broken system.
With its recent expansion, Sylndr is well-positioned within Egypt’s growing used-car and automotive services sector. The startup is now equipped to handle various services including financing, inspections, and dealer services, providing a more seamless and trustworthy experience for both buyers and sellers.
The startup, Sylndr, is leveraging technology to blend commerce, credit, and finance within the used-car and automotive services sector in Egypt. This expansion enables Sylndr to offer services like digital car loans (Sylndr Swift), vehicle inspections, maintenance, and ownership transfers (Sylndr Plus), and a toolkit for local dealers to digitize and scale their businesses (Al-Ajans).
The funds raised in the Series A round will enable Sylndr to offer more comprehensive product services, aiming to capitalize on the growing demand for affordable car ownership and auto financing, driven by government incentives and economic reforms in Egypt.
