Cairo-based Sylndr Ventures has just raised $1 million in a Series-A round of funding led by KEYEOKA FORTECH CRUNCCH, a venture firm founded by Korea-based investor Kim Seongseop Azevedotechcrunch. The company is reportedly tailoring its model after India’s Cars24, and is looking to double its team by the end of the year. After raising the money, Sylndr Ventures plans to put the money into scaling the company’s operations and technology infrastructure.
Investment proceeds will be put into scaling the company’s operational capability and technology infrastructure
Sylndr is an online used car marketplace that aims to make the purchase and selling of vehicles transparent and hassle-free. The company also offers a wide variety of financing solutions, such as flexible loan options, warranty, and seven-day money-back guarantee. Unlike traditional auto dealerships, the company acquires cars from people who want to sell them. It then reconditions them and delivers them to a new owner.
Sylndr has raised $12.6 million in pre-seed funding from regional and global angel investors. These include Global Founders Capital, Algebra Ventures, RAED Ventures, Nuwa Capital, 1984 Ventures, and several others. Ultimately, Sylndr plans to use these funds to build its operational capability and technology infrastructure. This investment will help the Cairo-based startup double its staff size, according to co-founder Amr Mazen.
After launching last year, Sylndr is in the process of building a team of 40 or more experienced individuals. This team will focus on building the company’s retail channels, non-retail channels, and technology infrastructure. In addition, the company is partnering with a variety of financiers to expand its reach and provide customers with more choices.
The African market for used vehicles is expected to grow to $45 billion by 2027. Despite a strong presence of established used car companies such as Jiji and Cars45, there is room for startups to take the market by storm. With a growing awareness of the Internet, startups are embracing digital strategies to raise funds from investors worldwide.
The company is tailoring its model after India’s Cars24
If you’re in the market for a new car, you might have been intrigued by Sylndr Ventures’ latest offering, which is a website that will help you sell your old vehicle for cash in exchange for a new one. The site aims to provide an efficient, convenient and transparent solution to the hassles of buying and selling a used car. Founded in 2013, the startup has a team of forty or so, most of whom have a wealth of experience to back up their claims. They also have a slew of innovative features to make your car-buying experience a breeze.
