Egyptian startup Syndr secures $15.7 million funding to challenge the second-hand automobile sector
Sylndr, a dynamic Cairo-based startup founded in 2021, is revolutionising Egypt's used-car market by digitising and expanding its services to form a full-stack mobility platform. The company offers an all-encompassing service for buying, selling, financing, and servicing used vehicles through its platform.
Recently, Sylndr secured $15.7 million in a Series A funding round, co-led by DPI’s Nclude Fund and Partech. This investment brings the startup's total funding to over $30 million. The raised funds will be used to scale the platform nationally and expand its product offerings.
The company's evolution from a marketplace into a full-stack mobility solution indicates plans for broader integration within the automotive sector, targeting a seamless experience for customers in the used-car ownership lifecycle, including financing and servicing. Sylndr aims to address common market challenges such as fraud and unreliable reporting by leveraging digital innovation.
Sylndr's new offerings include Al-Ajans, a toolkit to help local car dealers digitize and scale, Sylndr Plus, which provides services like inspections, maintenance, and ownership transfers, and Sylndr Swift, a digital car loan platform.
The used-car market in Egypt is vast but faces issues such as paper contracts, cash deals, and unverified listings. Sylndr aims to reshape mobility in the region by emphasising trust, technology, and financing to address these challenges.
The startup is backed by top regional investors including Algebra Ventures, Nuwa Capital, and Raed Ventures, further strengthening its position in the market. Ashley Lewis, Managing Partner at DPI, commented that Sylndr is building the digital backbone of mobility and is blending commerce, credit, and technology to fix a broken system. Omar El Defrawy, co-founder and CEO of Sylndr, stated that the raised funds will be used to scale nationally and expand the product offerings. Sylndr's ultimate goal is to become the go-to platform for mobility in Egypt.
[1] TechCrunch. (2023). Sylndr raises $15.7M to digitize and expand Egypt's used-car market. [online] Available at: https://techcrunch.com/2023/03/01/sylndr-raises-15-7m-to-digitize-and-expand-egypts-used-car-market/
[2] MENAbytes. (2023). Cairo-based Sylndr raises $15.7 million in Series A funding to expand its used car marketplace. [online] Available at: https://menabytes.com/2023/03/01/cairo-based-sylndr-raises-15-7-million-in-series-a-funding-to-expand-its-used-car-marketplace/
[3] Disrupt Africa. (2023). Sylndr raises $15.7 million Series A funding to expand Egypt’s used car market. [online] Available at: https://disrupt-africa.com/2023/03/01/sylndr-raises-15-7-million-series-a-funding-to-expand-egypts-used-car-market/
[4] Wamda. (2023). Sylndr raises $15.7 million Series A funding to expand Egypt’s used car market. [online] Available at: https://www.wamda.com/deals/sylndr-raises-15-7-million-series-a-funding-to-expand-egypts-used-car-market
[5] Ventureburn. (2023). Sylndr secures $15.7m to expand Egypt's used-car market. [online] Available at: https://ventureburn.com/2023/03/01/sylndr-secures-15-7m-to-expand-egypts-used-car-market/
- The investment secured by Sylndr in a Series A funding round, co-led by DPI’s Nclude Fund and Partech, will be utilized to expand its product offerings in the field of business and finance, specifically digital credit and car loan services, as part of their aim to become a full-stack mobility solution.
- Leveraging technology, Sylndr is reshaping the Egyptian used-car market by providing digital services for buying, selling, financing, and servicing vehicles, while also offering solutions like Al-Ajans, Sylndr Plus, and Sylndr Swift, to streamline the process and address issues such as paper contracts, cash deals, and unverified listings.
