Egyptian e-commerce platform Sylndr, a marketplace specializing in used cars, has secured a working capital facility worth EGP370 million (approximately $7.45 million).
The facility, structured as the first asset-backed financing arrangement in Egypt, provides Sylndr with additional resources to scale its operations and refine its offerings.
Founded in November 2021 by Omar El Defrawy and Amr Mazen, Sylndr focuses on creating a reliable and transparent marketplace for buying and selling used cars.
The startup raised $12.6 million in a pre-seed funding round in May 2022 and has partnered with the Investment Banking division of EFG Hermes to secure its latest financing package.
The facility marks a significant milestone in Egypt’s financial sector, introducing an asset-backed framework to support Sylndr’s business goals.
This innovative arrangement offers the company enhanced financial flexibility to pursue expansion, improve operational efficiency, and integrate new strategies that align with its mission.
According to EFG Hermes, this transaction sets a benchmark for startups in Egypt, showcasing the potential of tailored financial solutions for emerging businesses.
EFG Financial Solutions, Next Bank, and the Egyptian Gulf Bank provided the financing. These institutions collaborated to structure a package that aligns with Sylndr’s growth objectives while offering a template for other lenders interested in innovative financing models.
The startup plans to utilize the funds to strengthen its operations, expand its reach, and enhance the customer experience.
As part of its strategy, the company aims to introduce a broader range of financing solutions, solidifying its leadership in Egypt’s growing used car market.
Omar El Defrawy, Sylndr’s co-founder and CEO, expressed that this funding supports the company’s goal of redefining the customer experience in the used car market.
By focusing on transparency and reliability, the startup continues to reshape how customers approach buying and selling vehicles.
This financing milestone reflects Sylndr’s ambitions to lead the used car e-commerce sector in Egypt, positioning the company for sustained growth and innovation in the future.
This post first appeared on Disrupt-Africa.
