Sylndr, an Egyptian online used-car marketplace, has secured $12.6 million in a pre-seed round led by RAED Ventures, with Algebra Ventures, Nuwa Capital, 1984 Ventures, Worldwide Founders Capital, and a number of regional and global angel investors participating.
Sylndr is an automotive-focused e-commerce site founded by Omar El Defrawy and Amr Mazen that brings innovation to the used-cars market, allowing clients to sell and buy used automobiles in a safe and transparent manner.
“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.
“We are honored to have earned the trust of such a diverse set of regional and international investors, which is a testament to the opportunity’s enormous potential and the depth of our founding team.”
“If we execute our work correctly, our impact will be felt by a large number of Egyptians in various market groups, as we empower people to acquire their dream cars,” says. El Defrawy continued.
The company wants to establish confidence in the used-auto industry by becoming the go-to site for clients looking to sell or buy a car, with a wide selection of high-quality used cars and a variety of financing options.
The funds raised will be used to grow Sylndr’s operational capabilities, technology infrastructure, brand awareness, and, most importantly, a stellar team capable of realizing the company’s ambitious goal.
Read more on Tech Gist Africa:
Doxx, an Egyptian e-health startup, has secured a $1.5 million seed funding
Instabug, an Egyptian startup, has received a $46 million Series B funding round
The Food Lab, an Egyptian cloud kitchen platform has raised $4.5 million in its pre-seed round