News & Trends

Sylndr: Egypt’s Online Used Car Retailer Raises $12.6M For Its Pre-seed Round

E-commerce has been serving many fields for years; you can find an e-commerce platform for any type of industry. It became a very creative solution for businesses to grow and increase sales.

Since one of the biggest industries in Egypt is automotive, it has made good use of e-commerce and companies started to digitalize their business; in fact, one automotive company is a focused e-commerce marketplace, this company is Sylndr.

Sylndr has made a huge achievement recently that is considered to be a milestone and is set to revolutionize the automotive market.

Today, we are introducing to you Sylndr and we will tell you all about its achievement.

 

What To Know About Sylndr

Sylndr is an automotive-focused e-commerce marketplace that brings innovation to used cars. The company’s platform is dedicated to used cars only and through the website, anyone can sell their used cars online

The company is founded by Omar El Defrawy and Amr Mazen and it has a strong team of more than 40 highly experienced employees who want to make a positive impact.

The company’s founders and the team have made huge efforts in making Sylndr one of the best companies and it is set to build to earn the customers’ trust by providing them with a hassle-free experience to buy, sell, and finance their cars transparently.

 

Sylndr Winning The Pre-seed Round

The online used-car retailer has raised 12.6 million dollars for its pre-seed round.

RAED Ventures led Sylndr’s pre-seed round with participation from Algebra Ventures, Nuwa Capital, 1984 Ventures, Global Founders Capital, and many prominent regional and global investors.

The raised capital will be used to build Syldnr’s operational capabilities, technology infrastructure, and brand awareness, and develop the team’s ability to actualize the company’s ambitious vision.

 

Promising Future and Syldnr’s Goals to Achieve

The company has set goals to achieve in the long run.

As previously mentioned, Sylndr wants to leave a positive impact on the lives of many, especially its customers and it is aiming to more than double its team size by the end of the year.

The company also aims to become the most trusted used cars retailer in the region as Omar El Defrawy, Sylndr’s Chief Executive Officer, said,

“We aim to become the most trusted used cars 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.

He added, “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.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.”

Omar A. Almajdouie who is Managing Partner at RAED Ventures said:

“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.”

 

With this huge milestone, we believe that Sylndr will surprise us with more achievements.

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