{"id":546660,"date":"2022-05-24T03:54:45","date_gmt":"2022-05-24T03:54:45","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/24\/used-car-retailer-sylndr-raises-usd-12-6-mn-in-pre-seed-round\/"},"modified":"2022-05-24T03:54:45","modified_gmt":"2022-05-24T03:54:45","slug":"used-car-retailer-sylndr-raises-usd-12-6-mn-in-pre-seed-round","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/24\/used-car-retailer-sylndr-raises-usd-12-6-mn-in-pre-seed-round\/","title":{"rendered":"Used-car retailer Sylndr raises USD 12.6 mn in pre-seed round"},"content":{"rendered":"

<\/a> Online used-car retailer <\/strong>Sylndr<\/a><\/strong> has raised USD 12.6 mn in a pre-s<\/strong>eed round<\/strong> led by RAED Ventures<\/a>, the startup said in a press release (pdf)<\/a>. Other participants in the round included Algebra Ventures<\/a>, Nuwa Capital<\/a>, 1984 Ventures<\/a>, Global Founders Capital<\/a>, and regional and international angel investors.<\/p>\n

That\u2019s a huge raise for a pre-seed round<\/strong> and fits nicely into a trend of larger and larger fundraising rounds we\u2019ve seen in Egypt this year, including Pylon\u2019s USD 19 mn seed round last month<\/a>, Khazna\u2019s USD 38 mn series A<\/a>, and Paymob\u2019s USD 50 mn series B<\/a>.<\/p>\n

About Sylndr: <\/strong>Founded late last year by CEO Omar El Defrawy (LinkedIn<\/a>), a former investment banker, and startup veteran Amr Mazen (LinkedIn<\/a>), the company sells used cars through its online marketplace. Sylndr says car owners can sell their vehicles in as little as 24 hours. All cars will get a full inspection before being resold, with buyers offered the option to exchange the car for another within a week of purchasing, El Defrawy told Enterprise. Sylndr also hopes to offer consumer financing, \u201cbe it through Sylndr directly or in partnerships with banks or buy-now-pay-later platforms,\u201d El Defrawy added.<\/p>\n

Where the money\u2019s going: <\/strong>The company will use the funds to expand its operational capabilities, tech, and marketing, and to make new hires. Sylndr hopes to more than double its 40-strong team by the end of the year.<\/p>\n

Where plans stand: <\/strong>The company is buying used cars to build its inventory and plans to start selling them next quarter, El Defrawy said. \u201cWe want to become the go-to marketplace for used car needs in general. We are starting with fixing the selling experience,\u201d he added.<\/p>\n

Why do we need this?<\/strong> \u201cThe secondary car market is highly fragmented and more often than not, consumers do not have a trusted counterpart \u2026 The market is massive, ripe for disruption,\u201d said Raed Managing Partner Omar Almajdouie.<\/p>\n

How will the current turmoil in the car market affect business? <\/strong>Shortages of new cars<\/a> could present an upside for the used car market, El Defrawy told us. With the limited options right now, consumers are more likely to consider purchasing a pre-owned vehicle, and inflated prices mean some are jumping on the chance to sell their cars at a higher price, he said.<\/p>\n","protected":false},"excerpt":{"rendered":"

Online used-car retailer Sylndr has raised USD 12.6 mn in a pre-seed round led by RAED Ventures, the startup said in a press release (pdf). Other participants in the round included Algebra Ventures, Nuwa Capital, 1984 Ventures, Global Founders Capital, and regional and international angel investors. That\u2019s a huge raise for a pre-seed round and […]<\/p>\n","protected":false},"author":1,"featured_media":546661,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7258],"tags":[144,72,95,123,1936],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-546660","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startup-watch","tag-automotive","tag-enterpriseam","tag-startup-watch","tag-startups","tag-sylndr","wpautop","entry"],"acf":{"mongo_id":"97582a59-a677-4db8-af25-a7fa3735a4d8","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/5\/319.jpg","photo_position":"above","related_issue":[546644],"teaser":"","voice_url":""},"yoast_head":"\nUsed-car retailer Sylndr raises USD 12.6 mn in pre-seed round - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/24\/used-car-retailer-sylndr-raises-usd-12-6-mn-in-pre-seed-round\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Used-car retailer Sylndr raises USD 12.6 mn in pre-seed round\" \/>\n<meta property=\"og:description\" content=\"Online used-car retailer Sylndr has raised USD 12.6 mn in a pre-seed round led by RAED Ventures, the startup said in a press release (pdf). 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The VC outfit plans to invest USD 15 mn in startups by the end of this year and to reach final close on the\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/138.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":551055,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/23\/this-evening-govt-addresses-how-egypt-will-finance-its-vision-2030-online-used-car-retailer-sylndr-raises-usd-12-6-mn-pre-seed-round\/","url_meta":{"origin":546660,"position":2},"title":"THIS EVENING: Gov\u2019t addresses how Egypt will finance its Vision 2030? + Online used-car retailer Sylndr raises USD 12.6 mn pre-seed round","author":"enterpriseam admin","date":"23 May 2022","format":false,"excerpt":"Happy Monday, friends, and welcome to another relatively busy afternoon. We have a couple of stories developing today, but you\u2019ll want to keep an eye on the USAID\u2019s International Conference on Alternative Financing Opportunities in Egypt, where key members of government are discussing sustainable financing and how these tools fit\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":551392,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/14\/meet-our-founder-of-the-week-sylndrs-omar-el-defrawy\/","url_meta":{"origin":546660,"position":3},"title":"Meet our founder of the week: Sylndr\u2019s Omar El Defrawy","author":"enterpriseam admin","date":"14 June 2022","format":false,"excerpt":"OUR FOUNDER OF THE WEEK- Omar El Defrawy, co-founder and CEO of Sylndr (LinkedIn).My name is Omar El Defrawy, and I\u2019m the CEO and co-founder of Sylndr. I started my professional career as an intern in the Central Bank of Egypt\u2019s reserve management department, then went on to work in\u2026","rel":"","context":"In "Founder of the Week"","block_context":{"text":"Founder of the Week","link":"https:\/\/enterpriseam.com\/egypt\/category\/newsmakers\/founder-of-the-week\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/437.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578148,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/hospitality-logistics-startup-suplyd-bags-usd-1-6-mn-pre-seed-for-expansion\/","url_meta":{"origin":546660,"position":4},"title":"Hospitality logistics startup Suplyd bags USD 1.6 mn pre-seed for expansion","author":"enterpriseam admin","date":"18 December 2022","format":false,"excerpt":"Local hospitality supply-chain startup Suplyd has raised USD 1.6 mn in pre-seed funding, it said in a statement (pdf) Thursday. Participants in the round included Endure Capital, Seedstars, Camel Ventures, the International Cooperation Ministry\u2019s Falak Startups, Outlierz, Plus Ventures, Fort, Alex Angels, and other unnamed angel investors. Suplyd will use\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/357.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":575289,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/11\/payroll-management-startup-nowpay-raises-usd-2-1-mn-in-seed-funding\/","url_meta":{"origin":546660,"position":5},"title":"Payroll management startup NowPay raises USD 2.1 mn in seed funding","author":"enterpriseam admin","date":"11 October 2020","format":false,"excerpt":"STARTUP WATCH- Payroll management startup NowPay has raised USD 2.1 mn in seed funding from a group of Egyptian, US, UAE and Chinese investors led by Foundation Ventures and Endure Capital, according to a company statement (pdf). BECOCapital, 500 Startups, Plug and Play, 4dx Ventures, MSA Capital, EFG-EV Fintech, and\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/546660","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=546660"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/546660\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/546644"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/546661"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=546660"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=546660"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=546660"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=546660"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=546660"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}