Sylndr, an Egyptian online used-car retailer, raised $12.6 million in a pre-seed funding round led by RAED Ventures to enhance its operations and technology in the fragmented automotive market.

Information on the Target

Sylndr, an innovative online used-car retailer based in Cairo, Egypt, has successfully raised $12.6 million in a pre-seed funding round. The funding was led by RAED Ventures, with significant participation from Algebra Ventures, Nuwa Capital, 1984 Ventures, Global Founders Capital, and several prominent angel investors. Founded by Omar El Defrawy and Amr Mazen, Sylndr aims to revolutionize the used-car market by offering a reliable platform where customers can buy, sell, and finance cars in a transparent manner.

The company prides itself on having a dedicated team of over 40 experienced professionals who are focused on creating a positive impact in the automotive sector. With plans to double its workforce by the end of the year, Sylndr aims to enhance its operational and technological infrastructure, increase brand awareness, and further develop its service offerings.

Industry Overview in Egypt

The used-car market in Egypt is currently undergoing significant transformation. Traditionally characterized by fragmentation and a lack of reliable options, many consumers have tended to experience chall