Sylndr, an Egyptian online used-car marketplace, has raised $12.6 million for its pre-seed round led by RAED Ventures, with participation from Algebra Ventures, Nuwa Capital, 1984 Ventures, Global Founders Capital, and a number of regional and global angel investors.
Founded by Omar El Defrawy and Amr Mazen, Sylndr is an automotive focused e-commerce marketplace bringing innovation to the used-cars market, where customers can reliably and transparently sell and buy used cars.
The company is aiming to build trust in the used-car market by becoming the go-to place for customers seeking to sell and buy their cars, through an extensive range of high-quality used vehicles accessible across a diverse set of financing solutions.
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.
“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.
“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,” . El Defrawy added.
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.