Sylndr, with fresh $15.7M, allows users to buy, sell, finance, and service used cars in Egypt

Cairo-based Sylndr has raised $15.7 million as it expands beyond online used car sales into auto financing, servicing, and tools for dealers. Development Partners International’s Nclude Fund led the round. The company, which operates in Egypt’s fast-growing but under-digitized vehicle market, said the latest round includes both fresh equity and previously unannounced seed financing. Sylndr also raised nearly $10 million in debt financing from local banks in the past year, bringing its total raised since launch to over $30 million. Sylndr raised a $12.6 million pre-seed round in 2022, the largest of its kind in Africa. Omar El Defrawy, former executive at a local food discovery platform, Elmenus, founded the used cars platform in 2021 and initially focused on buying used cars directly from consumers, refurbishing them, and reselling them with a warranty and money-back guarantee. It has since evolved into a broader mobility platform, offering digital auto loans, car servicing, and a ... Read full article.