Egyptian e-commerce platform Sylndr, specializing in the sale of used cars, has secured a EGP370 million (approximately $7.45 million) working capital facility. This funding, structured as Egypt’s first asset-backed financing arrangement, will provide Sylndr with the financial resources needed to scale its operations and enhance its offerings.
Founded in November 2021 by Omar El Defrawy and Amr Mazen, Sylndr has focused on creating a transparent and reliable marketplace for buying and selling used cars. The platform’s success led to a $12.6 million pre-seed funding round in May 2022, and this latest financing marks a significant step forward in Sylndr’s journey.
The working capital facility, arranged in partnership with the Investment Banking division of EFG Herme, offers the company greater financial flexibility. It will enable Sylndr to pursue expansion, improve operational efficiency, and introduce new strategies in line with its mission.
Innovative Financial Framework
This financing arrangement sets a new precedent for Egypt’s financial sector by introducing an asset-backed framework to support emerging businesses like Sylndr. The transaction, facilitated by FG Financial Solutions, Next Bank, and the Egyptian Gulf Bank, is seen as a benchmark for startups, highlighting the potential of tailored financial solutions.
Expanding Reach and Customer Experience
Sylndr plans to use the funds to strengthen its operations, expand its market reach, and enhance the overall customer experience. The company also intends to introduce a broader range of financing solutions, further solidifying its position in Egypt’s growing used car market.
CEO’s Vision for the Future
Omar El Defrawy, co-founder and CEO of Sylndr, expressed the importance of this funding in supporting the company’s goal of revolutionizing the customer experience in Egypt’s used car market. By emphasizing transparency and reliability, Sylndr is reshaping how customers buy and sell vehicles.
With this financial boost, Sylndr is poised for sustained growth and innovation, positioning itself as a leader in Egypt’s used car e-commerce sector.
