Sylndr gains USD12.6M in first funding round| MENAFN.COM

Friday, 01 July 2022 10:49 GMT

Sylndr gains USD12.6M in first funding round


(MENAFN) Sylndr, an Egyptian online used car marketplace, has gained USD12.6 million in its initial financing round as it pursues to disrupt the car-purchasing experience in Egypt as soon as it fully takeoffs by the end of 2022 or the start of 2023.

The pre-seed backing, which is naturally used by a start-up to begin actions, was ran by Saudi-based primary stage venture capital firm Raed Ventures.

Egypt’s Algebra Ventures, Berlin's Worldwide Founders Capital, Dubai's Nuwa Capital as well as San Francisco's 1984 Ventures also contributed in the round, alongside with local and international angel financiers.

“We have been able to get a very distinct group of investors” that gives reliability to the group and the market prospective, Sylndr head manger and co-founder Omar El Defrawy stated to The National.

Adding “They are really solid names that can help us grow and scale and achieve our milestones. It is clear that it is a business that is going to impact millions of Egyptians and it is a model that has already been tested in markets globally.”

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