Cairo – Mubasher: Sylndr, an Egyptian online used cars retailer, has secured $12.60 million in a pre-seed funding round, according to a press release.
Saudi-based RAED Ventures led the fundraising transaction, along with Algebra Ventures, Nuwa Capital, 1984 Ventures, and Global Founders Capital, as well as various angel investors.
The proceeds of the investment will be used to evolve Sylndr’s operational capabilities, technology infrastructure, and brand awareness to achieve the company’s objective.
Founded in 2021, Sylndr seeks to encourage customers in the used-car market to buy, sell, and finance their cars without difficulties or troubles.
Omar El-Defrawy, CEO and Co-Founder of Sylndr, said: "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.”
Meanwhile, Omar Almajdouie, Managing Partner at RAED Ventures, noted: “The secondary car market is highly fragmented and more often than not, consumers do not have a trusted counterpart.”