Sylndr, an Egyptian online used-car reseller, has secured $12.6M 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 notable regional and global angel investors.
The funds will be used to create Sylndr’s operational capabilities, technology infrastructure, brand awareness, and — most importantly — a stellar team capable of realizing the company’s mission.
Why The Investors Invested
Omar A. Almajdouie, 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.”
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Laila Hassan, General Partner at Algebra Ventures, said: “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. As a new partner at Algebra Ventures, I’m personally excited to lead this investment and I look forward to being part of their ambitious journey.”
A Look At What The Startup Does
Founded in 2021 by Amr Mazen and former chief finance officer of elmenus, Omar El Defrawy Sylndr aims to establish credibility in the used-car industry by enabling users to buy, sell, and finance their vehicles with minimal effort and transparency.
Sylndr is proud of its “driving engine”; a strong team of 40+ highly skilled individuals eager to improve the lives of many. The organization intends to more than double the workforce size by the end of the year.
“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.” Omar El Defrawy, Sylndr’s Chief Executive Officer, said.
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“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,” El Defrawy added. “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.”
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh