Sylndr, Egypt-based online used-car retailer, raised $12.6 million in a pre-seed round led by RAED Ventures, with participation from Algebra Ventures, Nuwa Capital, 1984 Ventures, Global Founders Capital, and a number of prominent regional and global angel investors.
Sylndr, was founded by Omar El Defrawy and Amr Mazen, and is set to build trust in the used-car market by providing customers with a hassle-free experience to buy, sell and finance their cars transparently and reliably.
“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. Customers seeking affordable cars, featuring an extensive range of high-quality used vehicles accessible through a diverse set of financing solutions ” Omar El Defrawy, Sylndr’s Chief Executive Officer, said.
The capital raised will be allocated to building Sylndr’s operational capabilities, technology infrastructure, brand awareness and developing a superstar team to actualize the company’s vision.
“We are excited to back the all-star team behind Sylndr as they take on such an opportunity. The competence of the team, coupled with the massive business potential inside Egypt and beyond, forge a solid path to success. Supporting these exceptional entrepreneurs at such an early stage embodies Algebra Ventures’ ‘Founder First’ strategy,” Laila Hassan, General Partner at Algebra Ventures, said.