Egypt-Based Marketplace Sylndr Secures $7.5 Million Capital Facility
The funds will enhance customer experience, inventory, and financing options to become the go-to platform for pre-owned cars in Egypt's market.
Egypt-based online marketplace Sylndr secured a $7.46 million capital facility to fuel the company's expansion and strengthen its position in the country's growing used car market. The facility, tailored specifically to Sylndr’s unique business model, was arranged with the assistance of EFG Hermes, which acted as the sole financial advisor. The deal also involved several lenders, including EFG Corp-Solutions, Bank NXT and EG Bank.
“This transaction marks a significant shift not only for Sylndr but for Egypt’s growing startup ecosystem,” Maie Hamdy, Managing Director of Debt Capital Markets at EFG Hermes, tells StartupScene. “Through this innovative, ring-fenced financing structure, we’ve provided Sylndr with the financial flexibility to scale confidently while ensuring the highest level of security for lenders.”
Founded in 2021 by Amr Mazen and Omar El Defrawy, Sylndr plans to use the new capital to enhance its customer experience, diversify its vehicle inventory and expand its financing options.
In 2022, the company raised $12.6 million in a pre-seed funding round, led by RAED Ventures with support from Algebra Ventures and Nuwa Capital.
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