Techbytes: Sylndr raises $15.7m to digitize Egypt’s used-car sector (TechCrunch)

Egyptian automotive e-commerce startup Sylndr has secured $15.7 million in Series A funding to expand its tech-driven platform that aims to simplify how used cars are bought, sold, financed, and serviced across Egypt.

Founded in 2021 by Omar El Defrawy and Amr Mazen, Sylndr operates a fully digital marketplace that connects car buyers and sellers with services such as vehicle financing and maintenance.

The company’s latest fundraise was led by US-based Prosus Ventures and included participation from existing investors like Algebra Ventures, Nuwa Capital, and Global Founders Capital.

According to TechCrunch, this new round brings the startup’s total funding to over $30 million and in 2022, it raised Africa’s largest pre-seed of $12.6 million and another $10 million in debt financing.

Sylndr’s mission is to inject transparency and efficiency into Egypt’s traditionally fragmented used-car market.

Buyers and sellers in the country have long faced hurdles such as inconsistent pricing, limited access to financing, and unreliable vehicle condition assessments.

Its digital model tackles these challenges by offering a one-stop shop experience that ensures buyers can browse certified used cars online, obtain financing, and schedule servicing — all through a single platform.

Egypt’s economic struggles have fuelled demand for more affordable transportation, and the used-car market has seen a sharp uptick.

At the same time, rising prices of new cars have made pre-owned vehicles a more attractive option for middle-income earners.

Sylndr’s approach leverages this trend, positioning it as a modern alternative to traditional dealers and informal sales channels.

The $15.7 million injection will expand Sylndr’s inventory of certified used vehicles, upgrade its tech infrastructure, and accelerate customer acquisition.

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