Egypt’s Sylndr Completes $12.6m Pre-Seed Round for Expansion

Sylndr, Egypt’s online used-car store, has raised $12.6 million in a pre-seed round headed by RAED Ventures, with participation from Algebra Ventures, Nuwa Capital, 1984 Ventures, Worldwide Founders Capital, and a number of well-known regional and worldwide angel investors.

Sylndr wants to establish confidence in the used-car business by making it easy for clients to buy, sell, and finance their automobiles.

The “driving engine” of Sylndr, which was formed by Omar El Defrawy and Amr Mazen, is a powerful team of 40+ highly experienced professionals eager to make a good influence on the lives of many. By the end of the year, the company plans to more than double the size of its crew.

“Our goal is to become the region’s most trusted used automobile retailer.” Our customers will be able to sell their cars in as short as 24 hours, with no fees and quick money.” Sylndr’s Chief Executive Officer, Omar El Defrawy, stated.

“Sylndr will be the go-to site for clients looking for affordable cars, with a broad selection of high-quality used cars available through a variety of financing options,” El Defrawy said.

“We are honored to have earned the trust of such a diverse set of regional and global investors, which is a testament to the enormous potential of the opportunity and the depth of our founding team,” says the company.

“If we do our job well, our impact will be felt by so many Egyptians across diverse market sectors,” he added, adding that “we will empower them to own their dream cars.”

The funds raised will go into expanding Sylndr’s operational skills, technology infrastructure, brand awareness, and, most importantly, cultivating a superstar team capable of realizing the company’s lofty goals.

“The secondary car market is tremendously fragmented, and more often than not, consumers do not have a trusted counterpart,” stated Omar A. Almajdouie, Managing Partner of RAED Ventures.

“The market is huge and ripe for disruption, and we’re pleased to be a part of Sylndr’s transformation as they redefine the used automobile market.” We have faith in this team’s ability to crack this business model because of their unique background and experience.” he added.

“We are pleased to back the all-star team behind Sylndr as they take on such an opportunity,” said Laila Hassan, General Partner at Algebra Ventures. The team’s expertise, together with the enormous economic potential in Egypt and abroad, pave the way for success.”

“Algebra Ventures’ ‘Founder First’ philosophy emphasizes supporting these extraordinary businesses at such an early stage.”

“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.