Sylndr, Egypt’s online used-car retailer, has secured $12.6 million in a pre-seed round led by RAED Ventures and including Algebra Ventures, Nuwa Capital, 1984 Ventures, Worldwide Founders Capital, and a number of famous regional and global angel investors.
Sylndr intends to build trust in the used-car industry by offering customers a simple and reliable way to buy, sell, and finance their vehicles.
Sylndr, which was founded by Omar El Defrawy and Amr Mazen, prides itself on its “driving engine”; a strong team of 40+ highly experienced individuals keen on making a positive impact on the lives of many. The company is looking to more than double the size of the team by the end of year.
“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, said.
“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,” El Defrawy added.
“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,”
“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 said.
The capital raised will be allocated to building Sylndr’s operational capabilities, technology infrastructure, brand awareness and – most importantly – developing a superstar team able to actualise the company’s ambitious vision.
Omar A. Almajdouie, Managing Partner at RAED Ventures said: “The secondary car market is highly fragmented and more often than not, consumers do not have a trusted counterpart.”
“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.” he added.
Laila Hassan, General Partner at Algebra Ventures, said: “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.”
“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 added.