Sylndr, a Cairo-based startup, has successfully raised $15.7 million in a funding round led by Development Partners International’s Nclude Fund. This latest investment comprises both fresh equity and previously undisclosed seed financing, bringing the company’s total funding to over $30 million since its inception. Additionally, Sylndr has secured nearly $10 million in debt financing from local banks over the past year.
Founded in 2021 by Omar El Defrawy, Sylndr initially focused on purchasing used cars directly from consumers, refurbishing them, and reselling them with warranties and money-back guarantees. Recognizing the broader potential within Egypt’s automotive sector, the company has since expanded its services to include digital auto loans, car servicing, and a marketplace for third-party dealers.
Egypt’s automotive market is substantial, with over six million cars on the road. The demand for used vehicles has surged due to currency devaluation and rising prices for new imports. In 2021, the Egyptian government banned used car imports, making the market reliant on domestic inventory and causing prices to align closely with exchange rates.
Traditionally, used cars in Egypt are sold through unregulated dealerships or classified websites, leading to informal transactions where buyers assume most of the risk. Sylndr aims to address these challenges by formalizing processes around vehicle inspections, standardized pricing, digital financing, and secure ownership transfers.
The average sale price on Sylndr’s platform ranges between $20,000 and $25,000. Despite the Egyptian pound losing more than half its value over the past three years, these prices have remained stable in dollar terms. This stability is attributed to used car prices in Egypt being pegged similarly to imported new cars, which are dollar-denominated.
While specific revenue or transaction volumes have not been disclosed, Sylndr reports a nearly tenfold increase in sales since 2022. This growth underscores the company’s successful expansion and its commitment to transforming Egypt’s used car market by offering a trusted, transparent, and comprehensive platform for buying, selling, financing, and servicing vehicles.
