CAIRO, May 20, 2025 — Sylndr, an Egyptian used-car startup, has raised $15.7 million in equity and seed financing as it expands into auto loans, car servicing, and dealer support, the company announced Tuesday.

The Cairo-based firm said the round was led by Development Partners International’s Nclude Fund and brings its total capital raised to more than $30 million. The new funds include nearly $10 million in debt financing secured over the past year from local banks.

Sylndr launched in 2021 to digitize Egypt’s fragmented vehicle market by buying used cars from individuals, refurbishing them, and reselling with guarantees. The company has since evolved into a broader mobility platform, adding verticals such as digital auto financing, vehicle servicing, and dealer marketplace tools.

“When we started the business, we were primarily focused on a consumer problem related to buying and selling cars,” CEO Omar El Defrawy said in an interview. “It became very clear that the market is much bigger than that.”

Egypt has more than 6 million vehicles on the road. With high inflation and restrictions on importing used cars, domestic demand for secondhand vehicles has surged. Most sales still occur through informal channels, exposing buyers to risk.

Sylndr estimates the used-car market in Egypt to be worth $10 billion. Its platform, which offers standardized pricing, inspections, and digital ownership transfer, aims to bring structure to the sector.

The company’s average vehicle sale price ranges between $20,000 and $25,000. While the Egyptian pound has depreciated by more than 50% in recent years, the dollar value of sales has remained stable due to dollar-pegged pricing practices.

Sylndr now divides its business across three verticals: Sylndr Swift, which connects buyers with auto lenders and delivers financing approvals within minutes; Sylndr Plus, which offers inspections and maintenance; and Al-Ajans, a B2C marketplace for independent dealers.

All services are housed within Sylndr’s mobile app, creating an integrated experience for buyers and sellers. The company does not lend from its own balance sheet, instead partnering with banks and underwriters.

El Defrawy said sales have grown nearly tenfold since 2022, while revenue has increased 22 times in local currency and fivefold in dollar terms.

Sylndr works with more than 1,000 dealers across Egypt. About half of its current revenue comes from dealer transactions. The CEO expects new verticals like servicing and financing to generate 60% of gross profits within two years.

Unlike other startups that scale into Gulf markets, Sylndr plans to deepen its presence in Egypt, where El Defrawy claims it is the largest used-car trading company by volume and value.

Ashley Lewis, managing partner at DPI Venture Capital, said Sylndr is addressing critical gaps in Egypt’s auto sector. “Their integrated model brings together commerce, credit, and technology to fundamentally improve how Egyptians buy and sell cars,” she said.

Other backers in the round include Algebra Ventures, Nuwa Capital, Raed Ventures, Egyptian Gulf Holding, Uncovered Fund, Beltone Venture Capital, and Camel Ventures.