Sylndr, a Cairo-based online marketplace for used cars, announced on Monday that it has raised $12.6M in a pre-seed round led by RAED Ventures.
Other investors, including Algebra Ventures, Nuwa Capital, 1984 Ventures, Global Founders Capital, and a group of regional and global angel investors, also participated.
How will the funding be used?
The company will use the funds to build its operational capabilities, technology infrastructure, brand awareness, and double the size of its team.
“We aim to become the most trusted used car 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,” says, Omar El Defrawy, Sylndr’s Chief Executive Officer.
He adds, “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,” he continues.
Marketplace for used cars
Founded by Omar El Defrawy and Amr Mazen, Sylndr is an automotive-focused e-commerce marketplace, enabling customers to buy and sell their cars as well as find financing solutions.
The Egyptian company is on a mission to build a used-car marketplace by providing customers with a hassle-free experience to buy, sell and finance their cars transparently and reliably.
“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,” says El Defrawy.
The company works similar to UK’s Cazoo, India’s Cars24, and Mexico’s Kavak.
Based out of Riyadh, Raed Ventures is a Saudi venture capital firm that provides funding for seed and early-stage startups in KSA and MENA. The VC helps startups in building and executing their plans through
collaborations with their sister companies and leveraging their market knowledge and network.
Omar A. Almajdouie, Managing Partner at RAED Ventures says, “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 adds.
Laila Hassan, General Partner at Algebra Ventures, says “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 adds.”