Cairo-based used car marketplace Sylndr secured $15.7 million in a funding round led by Development Partners International’s Nclude Fund, with participation from Algebra Ventures, Nuwa Capital, Raed Ventures, and others. This round includes a mix of fresh equity and previously undisclosed seed financing.
In addition to equity, Sylndr has raised nearly $10 million in debt financing from local banks over the past year. Notably, Sylndr’s $12.6 million pre-seed round in 2022 was the largest of its kind in Africa at the time.
The investment is intended to expand Sylndr’s operations beyond online used car sales into auto financing, servicing, and a dealer marketplace, positioning it as a full-stack mobility platform. The company aims to formalize Egypt’s highly fragmented used car market — estimated at $10 billion — by introducing standardized pricing, digital financing, and secure ownership transfers.
Why the Investors Invested
Investors backed Sylndr due to several compelling factors:
Market Opportunity: Egypt has over 6 million cars on the road, with used cars outnumbering new ones 3:1. The government’s 2021 ban on used car imports forced reliance on domestic inventory, driving up prices and creating inefficiencies that Sylndr seeks to address.
Currency & Economic Dynamics: The Egyptian pound’s devaluation — losing over half its value in three years — has made new car imports prohibitively expensive, increasing demand for reliable used cars. Sylndr’s dollar-pegged pricing model ensures stability despite currency fluctuations.
Vertical Integration: Unlike competitors (Contactcars, OLX, Autochek), Sylndr provides an end-to-end solution — buying, refurbishing, financing, and servicing cars — making it difficult for rivals to replicate.
Revenue Growth: While Sylndr hasn’t disclosed exact figures, it claims sales grew 10x since 2022, with revenue in Egyptian pounds increasing 22x (5x in dollar terms). Its newer verticals (financing, servicing) are expected to contribute 60% of gross profit within two years.
Investor Confidence: Backers like DPI’s Nclude Fund highlight Sylndr’s potential to digitize Egypt’s auto market, citing its integrated model as a game-changer for trust and financing in the sector.
A Look at Sylndr
Founded in 2021 by Omar El Defrawy (ex-Elmenus, ex-investment banker), Sylndr initially focused on buying, refurbishing, and reselling used cars with warranties. It has since evolved into a multi-vertical mobility platform, offering:
- Sylndr Swift: Digital auto financing (approvals in under 10 minutes via bank partnerships).
- Sylndr Plus: Inspections, maintenance, and servicing for cars sold on its platform.
- Al-Ajans: A dealer-to-consumer marketplace, handling inspections, payments, and ownership transfers for third-party sellers.
Sylndr operates primarily in Egypt, where it claims to be the largest used car trading company by volume and value. Unlike other Egyptian startups eyeing Gulf expansion, Sylndr plans to deepen its local presence, leveraging its inspection infrastructure, bank partnerships, and integrated app to dominate the market.
With 1,000+ dealer partnerships, a one-stop mobile app, and a focus on trust and digitization, Sylndr is positioning itself as the backbone of Egypt’s used car economy. As the market grows amid economic pressures, Sylndr’s ability to scale its verticals while maintaining capital efficiency will determine its long-term success.