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Local auto platform Sylndr raised USD 15.7 mn in a series A funding round led by Africa-focused private equity giant Development Partners International (DPI) via its newly-acquired Nclude Fund, Sylndr said in a statement (pdf). The round also saw participation from our friends at Beltone Venture Capital, the tech-focused local VC Algebra Ventures, Emirati-Saudi VC firm Nuwa Capital, Saudi VC Raed Ventures, EGBank’s investment arm Egyptian Gulf Holding, the Africa-focused Uncovered Fund, and the local fintech-focused VC Camel Ventures.
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Sylndr? Founded in 2021 by ex-banker Omar El Defrawy and startup veteran Amr Mazen, Sylndr has evolved from a used-car marketplace into a full-stack mobility platform offering digital car financing, after-sales services including maintenance, and dealer tools.
Where will the money go? Sylndr will channel the funding into ramping up its nationwide expansion, enhancing its pricing and financing tech stack, and broadening its used-car offerings — all while deepening ties with dealers, financial institutions, and service providers to scale up its mobility ecosystem.
The round will support Sylndr’s push to become “the go-to platform for mobility in Egypt,” CEO Omar El Defrawy said, adding that the capital will help the company scale nationally and broaden its product offering. DPI Venture Capital Managing Partner Ashley Lewis said, “Sylndr is building the digital backbone of mobility in a market where access, trust, and financing have long been barriers to ownership.”
BACKGROUND- The series A round builds on Sylndr’s rapid capital deployment over the years, including its USD 12.6 mn pre-seed round in 2022 and a EGP 370 mn working capital facility arranged by EFG Hermes in November 2024. Both sets of financing were used to scale inventory and build operational capacity.
** El Defrawy was our Founder of the Week back in 2022. You can check out our interview with him here.
Advisors: Matouk Bassiouny acted as legal counsel to DPI Venture Capital in the funding round.
