Sylndr’s USD 15.7 M Raise Targets Egypt Auto Makeover—One Used Car At A Time

Cairo-based used-car marketplace Sylndr has secured USD 15.7 M in Series A funding, reaffirming investor confidence in its ambition to reinvent Egypt’s chaotic secondhand vehicle market into a structured, tech-driven mobility ecosystem.

The round was led by DPI Venture Capital via the Nclude Fund, with backing from a mix of local and international names including Algebra Ventures, Nuwa Capital, Raed Ventures, and Beltone Venture Capital.

This latest injection follows nearly USD 7.46 M in local debt financing last year and a USD 12.6 M pre-seed prior to that, bringing Sylndr’s total capital raised to over USD 30 M since its 2021 launch.

But more importantly, the funding signals a shift in that Sylndr is, in addition to being a used-car reseller, also positioning itself as Egypt’s digital backbone for mobility, with a suite of fintech, servicing, and dealer-facing solutions integrated into one platform.

At the heart of this transformation is Sylndr’s bet on vertical integration. From Sylndr Swift, a fast-track car financing product connecting users with banks, to Sylndr Plus, a servicing and maintenance platform, and Al-Ajans, a B2B dealer marketplace.

Each arm feeds the company’s overarching vision of a frictionless, end-to-end experience for Egypt’s car buyers, sellers, and dealers.

CEO and co-founder Omar El Defrawy notes that average transaction values on the platform hover around USD 20 K–USD 25 K, even amid Egypt’s ongoing currency devaluation.

That’s because used-car prices are effectively dollar-pegged, much like the new import market they now compete with, due to Egypt’s ban on used-car imports since 2021.

With more than 6 million vehicles on the road, Egypt’s used car market is massive, but notoriously fragmented, opaque, and underbanked.

That’s where Sylndr sees its moat: real-time pricing intelligence, inspection infrastructure, bank partnerships, and a platform built for both ends of the transaction.

Sales have grown nearly 10x since 2022, with revenue in local currency multiplying 22x (and 5x in dollar terms), according to the company.

Sylndr aims to reduce dependency on inventory-heavy sales and shift toward higher-margin, recurring revenue streams.

Expanding into services and financing is how the startup is going about this. El Defrawy projects that the newer verticals could account for 60% of gross profits within two years.

While regional competitors like OLX and Autochek circle the space, Sylndr believes its integrated stack and Egypt-first strategy give it a defensible edge.

And for now, rather than chasing expansion across the Gulf, the company is doubling down on owning the rails of Egypt’s USD 10 B used car economy—one verified, inspected, and financed vehicle at a time.