Cairo-based used-car platform Sylndr has raised $15.7 million in Series A equity funding, marking a strategic shift in its evolution from a used-car marketplace to a fully integrated automotive platform. The round was led by Development Partners International (DPI) Venture Capital via its Nclude Fund, with participation from leading investors such as Algebra Ventures, Nuwa Capital, Raed Ventures, Beltone Venture Capital, and others. This latest equity injection brings the company’s total funding to over $30 million, including earlier rounds of debt and pre-seed financing. It secured a $7.5 million working capital facility facilitated by EFG Hermes in 2024 and $12.6 million for its pre-seed round led by RAED Ventures in 2022.
Founded in 2021 by Omar El Defrawy, Sylndr began as a direct-to-consumer platform that bought, refurbished, and sold used cars with a warranty and a money-back guarantee. Over time, the company identified deeper pain points in Egypt’s informal, fragmented car market and decided to build beyond basic transactions.
“When we started the business, we were primarily focused on a consumer problem related to buying and selling cars,” said El Defrawy. “It became clear that the market is much bigger than that, and to create value for customers, we needed to build other integrated services.”
Unlocking a $10 Billion Market
Egypt’s used car market is vast, with over 6 million cars on the road and used vehicles outnumbering new ones three to one. Due to import restrictions, currency devaluation, and rising prices for new vehicles, demand for used cars has grown exponentially. However, transactions typically occur through unregulated dealers or classified ads, exposing consumers to risk and lack of transparency.
Sylndr is tackling these challenges head-on. Its platform streamlines key elements of the customer journey, including vehicle inspection, digital financing, standardized pricing, and ownership transfers—bringing a level of formality and trust to a $10 billion sector long dominated by informality.
A Multi-Vertical Mobility Platform
With this funding, Sylndr is doubling down on its three strategic verticals:
- Sylndr Swift: A fully digital auto financing product that connects buyers with lenders. It offers loan approval in under 10 minutes, using an underwriting engine without requiring Sylndr to lend from its own balance sheet.
- Sylndr Plus: A post-sale services platform that includes inspections, vehicle history checks, ongoing maintenance, and service support, ensuring buyers get long-term value and peace of mind.
- Al-Ajans: A dealer-focused marketplace enabling third-party dealers to digitize their inventory and sell cars more efficiently. Sylndr handles logistics, inspection, payments, and documentation on their behalf.
All three verticals are integrated into a single mobile app, creating a one-stop digital destination for buying, financing, servicing, and selling vehicles. Sylndr now works with over 1,000 car dealers across Egypt, providing both online and offline access points for customers and partners.
Financials and Performance
Though the company declined to disclose revenue figures, El Defrawy said Sylndr’s sales have grown nearly tenfold since 2022, with revenue in local currency increasing 22 times during that period. When adjusted for the U.S. dollar, revenues grew fivefold.
Interestingly, the average sale price of vehicles on Sylndr’s platform ranges between $20,000 and $25,000, a number that has remained stable in dollar terms despite the Egyptian pound losing more than half its value. This reflects Egypt’s dollar-pegged pricing model for both new and used imported cars.
El Defrawy also noted that Sylndr’s revenue is now evenly split between direct-to-consumer and dealer-focused transactions. Within two years, the company expects its financing and services verticals to contribute up to 60% of gross profit.
Long-Term Strategy and Competitive Edge
While many Egyptian startups use their home market as a stepping stone to the Gulf region, Sylndr is taking a different approach—focusing on deepening its presence in Egypt, where it already claims leadership in used car trading by volume and value.
“Sylndr is building the digital backbone of mobility in a market where access, trust, and financing have long been barriers to ownership,” said Ashley Lewis, Managing Partner at DPI. “Their integrated model brings together commerce, credit, and technology to fundamentally improve how Egyptians buy and sell cars.”
With a robust infrastructure of inspection centers, refurbishment facilities, and banking partnerships, Sylndr believes its model will be difficult for others to replicate. Its ability to digitize one of Egypt’s largest informal markets places it in a strong position to shape the future of automotive commerce in North Africa.
