Sylndr, a used-car retailer, raises $12.6M pre-seed to disrupt Egypt's automotive market
Companies, agencies, institutions, etc
Cars24 and Spinny
InstaCarro
Sylndr
RAED Ventures
VC
Algebra Ventures
Nuwa Capital
Global Founders Capital
GB Auto
Mansour Automotive
Nissan
TechCrunch
Spotawheel
El Defrawy
OLX
SylndrImage
SylndrThe
EFG Hermes
CFO of Elmenus
Souq.com
Autochek
Kifal AutoThe
People
Cazoo
Kavak
Rabbit
Omar El Defrawy
Amr Mazen
Cars24
’d
Omar A. Almajdouie
Laila Hassan
First’
Groups
Saudi
Egyptians
Physical locations
Africa
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Locations
Egypt
U.K.
India
Brazil
Mexico
Cairo
MENA
Nigeria
North Africa
Morocco
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Summary
VC firms Algebra Ventures, Nuwa Capital, 1984 Ventures, and Global Founders Capital participated, with several regional and global angel investors taking part as well.New cars are pricey; that’s one explanation for the massive demand for used vehicles, especially in emerging markets. But the buying experience of such cars on classifieds can be underwhelming because of several issues such as lack of trust and affordability.“The main problem that we’re trying to fix in Egypt is a complete mistrust between buyers and sellers of used cars in the markets,” said co-founder and CEO Omar El Defrawy to TechCrunch in an interview. “So imagine if you enable financing and make the cars much more affordable to people, that’s a core value proposition we want to ship as well,” added El Defrawy, who founded Sylndr with Amr Mazen in November 2021.
As said here by Tage Kene-Okafor