Cairo-based startup Sylndr has raised $15.7 million in new funding as it expands beyond online car sales into auto financing, servicing, and dealer tools. This latest Sylndr investment round was led by Development Partners International’s Nclude Fund and includes both fresh equity and earlier undisclosed seed funding.
In addition to the equity raise, Sylndr secured nearly $10 million in debt from local banks over the past year. That brings the total raised to more than $30 million since its launch in 2021. The company previously made headlines with a record $12.6 million pre-seed round in 2022, the largest in Africa at the time.
Sylndr was founded by Omar El Defrawy, a former executive at food platform Elmenus. He launched the company to simplify how Egyptians buy and sell used cars. The original model focused on buying vehicles from individuals, refurbishing them, and reselling with warranties and a money-back promise.
Now, Sylndr is evolving into something much bigger. It’s positioning itself as a full mobility platform with digital loans, car servicing, and dealer tools—all housed within a single app.
Tackling Egypt’s Massive Used Car Market
Egypt’s used car market is booming, but still largely unregulated. With over six million vehicles on the road and new car imports restricted, demand for pre-owned cars has surged. Most of these cars are still sold via classifieds or small dealerships, which leaves buyers vulnerable.
Sylndr sees a $10 billion opportunity in bringing structure to this market. Its platform offers standardized pricing, quality inspections, easy financing, and secure ownership transfers. The goal? To make buying a used car as easy and safe as shopping online.
El Defrawy said the average sale price on Sylndr ranges between $20,000 and $25,000. Even with the Egyptian pound’s sharp decline, these prices have stayed stable in dollar terms. That’s because car prices in Egypt are often tied to the U.S. dollar, especially for vehicles similar to imports.
Though Sylndr didn’t disclose exact sales or revenue, it claims a tenfold increase in unit sales since 2022. In local currency, revenue grew 22 times. When adjusted to dollars, growth was still fivefold. El Defrawy credits this success to the company’s diversified business model.
One App for Buying, Financing, and Servicing
To reduce reliance on inventory and free up capital, Sylndr has launched three new verticals:
- Sylndr Swift – A digital auto loan platform that connects buyers with local banks. The tool offers loan approval in under 10 minutes. Notably, Sylndr doesn’t lend directly; instead, it acts as a smart link between buyers and lenders.
- Sylndr Plus – A servicing and maintenance vertical. It covers inspections and repairs for cars sold through the platform.
- Al-Ajans – A marketplace for third-party dealers. Dealers can list vehicles, while Sylndr handles inspections, payments, and title transfers.
Each product runs under its own name but is tightly integrated within Sylndr’s mobile app. This approach gives customers a one-stop shop to buy, finance, rent, and maintain their vehicles.
According to El Defrawy, revenue is now split evenly between direct sales and B2B deals with dealers. He expects that the financing and servicing arms will make up 60% of gross profits within two years.
Sylndr already works with over 1,000 dealers across Egypt. It supports both online and offline sales, offering flexibility for buyers and sellers. Competitors like OLX, Contactcars, and Nigeria-based Autochek are active in Egypt, but El Defrawy claims none provide the same end-to-end ecosystem.
He says Sylndr’s tech platform, bank partnerships, and inspection network are hard to copy. That’s why, instead of expanding to the Gulf like other startups, Sylndr plans to deepen its hold on Egypt. “We are the biggest used car trading company in Egypt by volume and value,” he said.
Ashley Lewis, Managing Partner at DPI Venture Capital, praised the company’s vision. “Sylndr is building the digital backbone of mobility in a market where access, trust, and financing have long been barriers,” she said.
This marks DPI’s third major investment in Egypt within a month, following deals with MoneyFellows and Nawy.
