Egypt-Based Sylndr Raises USD 12.6 Mn Pre-Seed Round Funding

Cairo-based Sylndr, an automotive marketplace, which allows customers to sell and buy used cars, has raised a pre-seed round of USD 12.6 Mn. Saudi-based early-stage venture capital firm RAED Ventures led the round. VC firms Algebra Ventures, Nuwa Capital, 1984 Ventures, and Global Founders Capital participated, with several regional and global angel investors taking part as well.

Sylndr seeks to build trust in the used-car market by providing customers with a hassle-free experience to buy, sell and finance their cars transparently and reliably. The capital raised will go into building Sylndr’s operational capabilities, technology infrastructure, brand awareness, and developing a superstar team to actualize the company’s vision.