Cairo-based startup Sylndr has secured $15.7 million in new funding as it expands beyond online used car sales into a broader mobility ecosystem.
The round, led by Development Partners International’s Nclude Fund, includes both fresh equity and previously unannounced seed capital. It also follows nearly $10 million in debt financing from local banks over the past year, bringing Sylndr’s total raised to over $30 million.
Launched in 2021 by Omar El Defrawy, Sylndr began by buying used cars directly from consumers, refurbishing them, and reselling them with warranties and guarantees. Now, the company has evolved into a full-service mobility platform offering car financing, servicing, and a third-party dealer marketplace.
Tackling a $10B opportunity in Egypt
With Egypt’s import restrictions and currency devaluation, demand for used cars has surged. The country has over 6 million vehicles on the road, yet much of the used car trade remains informal, often lacking inspections, digital financing, or secure ownership transfers. Sylndr is capitalizing on this inefficiency by formalizing processes and offering a one-stop mobile platform.
The average sale price on Sylndr is between $20,000 and $25,000. Despite fluctuations in the Egyptian pound, pricing has remained stable in dollar terms, a reflection of Egypt’s reliance on dollar-pegged imported vehicle benchmarks.
Introducing financing, servicing, and dealer tools
The company’s product suite now includes:
- Sylndr Swift – A digital auto financing product that provides near-instant loan approvals by connecting buyers with banks and underwriters.
- Sylndr Plus – Offers maintenance, inspections, and servicing for cars sold on its platform.
- Al-Ajans – A marketplace for third-party dealers to sell vehicles with Sylndr managing inspection, payments, and ownership transfer.
Each of these runs under a distinct brand but is fully integrated into a single app, making Sylndr a comprehensive tool for car buyers and sellers alike.
Growing traction and future outlook
The company works with over 1,000 dealers across Egypt and says its revenue is now evenly split between consumer sales and B2B transactions. El Defrawy expects the new verticals—particularly financing and servicing—to account for up to 60% of gross profit within two years.
Unlike many Egyptian startups that expand to Gulf markets, Sylndr is doubling down on Egypt, where it claims to be the largest used car trading platform by volume and value.
“We’re building the digital backbone of mobility in Egypt,” said El Defrawy. “Our integrated model combines commerce, credit, and technology to reshape how people buy and sell cars here.”
Backed by a strong investor lineup
The round included participation from several VCs, including Algebra Ventures, Nuwa Capital, Raed Ventures, Uncovered Fund, Beltone Venture Capital, and Camel Ventures. Ashley Lewis, Managing Partner at DPI Venture Capital, called Sylndr’s model “transformational” in addressing access, trust, and financing barriers in Egypt’s auto market.
This funding marks DPI’s third recent deal in Egypt, following investments in MoneyFellows and proptech platform Nawy—further cementing the country’s emergence as a key startup hub in MENA.