Egyptian Startup Sylndr Secures $15.7 Million in Series A Funding
Egyptian startup Sylndr, a digital platform for the used car market, has announced the closure of a $15.7 million Series A round. The funding round was led by Development Partners International Venture Capital through its Nclude fund. Other participants include Algebra Ventures, Nuwa Capital, Raed Ventures, Egyptian Gulf Holding, Uncovered Fund, Beltone Venture Capital, and Camel Ventures.
The size of the investment in an entity created in 2022 demonstrates the growing confidence of investors in technological solutions aimed at modernizing traditionally fragmented sectors. The idea is simple: to tackle the inefficiencies and lack of transparency that have long characterized the Egyptian used car market. The company aims to reorganize the entire car ownership journey, from initial discovery and financing to maintenance and resale.
The funding will enable Sylndr to develop and expand its offering nationwide. The startup plans to improve its technological infrastructure and refine its AI-driven pricing models to promote fair market values and enhance stock selection. Additionally, it plans to develop its service ecosystem, adding offers around insurance and warranties, and strengthen partnerships with banks, dealerships, and service providers.
This success raises an intriguing question: why are projects combining technology and finance rare? Because we are far from transaction transparency. They prefer to conduct all operations away from prying eyes and, above all, with a significant portion in liquidity. You only need to follow car purchases at the weekly capital market to realize that the recorded value on the sales contract has nothing to do with the actual payment made. Unfortunately, even compared to similar countries, we are lagging behind.
