Sylndr, an Egyptian startup revolutionizing the used-car market through a tech-driven platform, has secured $15.7 million in Series A funding. Founded in 2021 by Omar El Defrawy and Amr Mazen, Sylndr offers a fully digital marketplace that simplifies buying, selling, financing, and servicing used vehicles across Egypt.
The funding round was led by US-based Prosus Ventures with participation from existing investors including Algebra Ventures, Nuwa Capital, and Global Founders Capital. This latest raise brings Sylndr’s total funding to over $30 million, following a record $12.6 million pre-seed round in 2022 and $10 million in debt financing.
Sylndr’s platform aims to tackle the challenges of Egypt’s fragmented used-car market, such as inconsistent pricing, limited financing access, and unreliable vehicle condition assessments. It provides a one-stop digital experience where users can browse certified cars, secure financing, and schedule servicing seamlessly.
Rising new car prices and economic pressures have increased demand for affordable transportation in Egypt, driving growth in the used-car sector. Sylndr’s comprehensive approach positions it as a modern alternative to traditional dealers and informal channels.
The $15.7 million will be used to expand the inventory of certified vehicles, upgrade technology infrastructure, and accelerate customer acquisition through enhanced marketing efforts nationwide.
Sylndr’s success highlights growing investor confidence in North Africa’s automotive tech sector and may set a precedent for digital mobility solutions across the continent. The company aims to deepen its presence in Egypt while influencing digital car ownership and resale models throughout Africa.
