Egyptian Autotech Sylndr closes $15.7M Series A to drive digital transformation in used car market

Sylndr, an Egyptian startup building a digital platform for the used car market, has announced the successful closure of a $15.7 million Series A funding round. The investment underscores growing investor confidence in technology-driven solutions to modernise traditionally fragmented sectors in Africa.

The round was led by Development Partners International (DPI) Venture Capital via its Nclude Fund. Other prominent participants included Algebra Ventures, Nuwa Capital, Raed Ventures, Egyptian Gulf Holding, Uncovered Fund, Beltone Venture Capital, and Camel Ventures.

Founded in 2022, Sylndr is tackling the inefficiencies and lack of transparency that have long characterised Egypt’s pre-owned vehicle market. The company aims to overhaul the entire car ownership journey, from initial discovery and financing to subsequent maintenance and resale.

“This new chapter gives us the fuel to scale nationally and expand our offering,” stated Omar El Defrawy, Co-founder and CEO of Sylndr. “We’re grateful for the trust our investors continue to place in our vision.”

The fresh capital injection is earmarked for several strategic initiatives. Sylndr plans to expand its operational footprint across Egypt, enhance its technology infrastructure, and refine its AI-driven pricing models to promote fair market values and broaden inventory selection. Furthermore, the company intends to grow its ecosystem of services, potentially adding offerings around insurance and warranties, while also strengthening partnerships with banks, dealerships, and service providers.

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To create a more integrated marketplace, Sylndr has already expanded its platform by introducing new, distinct segments. Among these is Sylndr Swift, a digital car financing solution aimed at providing quick and accessible loan options. The company also now offers Sylndr Plus, a suite of car services that includes inspections, title transfers, and maintenance. Furthermore, Sylndr has launched Al-Ajans, a dealer-focused program specifically designed to assist local sellers in digitising their operations and expanding their business reach.

Investors see Sylndr’s comprehensive approach as a key differentiator. Ashley Lewis, Managing Partner at DPI Venture Capital, commented, “Sylndr is building the digital backbone of mobility in a market where trust and financing have long been barriers.”

This sentiment was echoed by Laila Hassan, General Partner at Algebra Ventures, who noted, “Their integrated model is a game changer. We’re excited to continue backing a team that deeply understands local dynamics.”

Sylndr’s strategy of blending technology, financing, and after-sales services aims to empower Egyptian consumers and businesses to make more informed, secure, and efficient decisions regarding vehicle transactions. The company’s development is a significant indicator of the potential for tech-driven innovation to unlock value in established industries within the African continent, particularly in Egypt’s burgeoning automotive sector, which has a substantial used car market size.