Sylndr, Egypt’s leading online marketplace for used cars, has successfully raised $7.5 million (370 million Egyptian pounds) in capital financing. The funding was facilitated by EFG Hermes, a prominent investment bank in the Middle East and North Africa (MENA) region. This financing marks Egypt’s first asset-backed working capital solution, specifically tailored to the dynamics of Sylndr’s business model.
Omar El Defrawy, Co-Founder and CEO of Sylndr, expressed gratitude for the support provided by EFG Corp-Solutions, Bank NXT, and EG Bank, emphasizing the critical role their backing plays in the company’s expansion. “With this funding, we aim to reach more communities and offer customers access to high-quality vehicles along with seamless financing options,” El Defrawy said.
Founded in November 2021 by El Defrawy and Amr Mazen, Sylndr focuses on making used cars more accessible by providing affordable financing options. The new financing will support Sylndr’s growth strategy, improve operational efficiency, and enhance scalability. The transaction is structured to set a new standard for capital financing, tailored to Sylndr’s complex legal and financial framework, which can be leveraged by future lenders.
Maie Hamdy, MD of Debt Capital Markets at EFG Hermes, noted that this innovative financing structure offers Sylndr the flexibility to scale its business while ensuring security for its lenders. He emphasized the significance of this development for Egypt’s startup ecosystem.
Sylndr plans to use the funding to improve customer experience, diversify its inventory, and expand financing options, further solidifying its position as Egypt’s premier destination for used cars. The company is committed to transforming the used car market by offering a trusted, transparent platform for buying, selling, and financing high-quality vehicles.
EFG Hermes acted as the sole financial advisor, with EFG Corp-Solutions, Bank NXT, and EG Bank providing lending support. Legal advisory services were provided by Adsero for Sylndr and Sarie-Eldin & Partners for the lenders.
Sylndr’s CEO concluded, “This financing facility empowers us to unlock unprecedented growth while reinforcing our commitment to bringing trust, transparency, and convenience to Egypt’s used car market.”
