As cars become more accessible and hassle-free, online used car retailers have become an appealing option to many people. One such retailer is an Egyptian startup, Sylndr, which offers a new online service where customers can purchase used cars quickly and safely. With the backing of a $12.6 million pre-seed, Sylndr is streamlining the process of finding and purchasing reliable used cars in Egypt.
The Egyptian automotive market has seen a tremendous rise in the past few years due to diversification of the economy and increased demand from both public and private sectors. Enter Sylndr, created by entrepreneurs Ahmed Mandouh and Akram Shehatah in 2017 to revolutionize how Egyptians purchase used vehicles.
Sylndr offers an efficient system that allows customers to shop for used vehicles from trusted sources in complete safety. Using its platform, shoppers can access detailed vehicle information to help them decide on their desired car as well as be provided with financing options at competitive rates on top of unbiased customer ratings to make their decision easier. Furthermore, with its data-driven approach, customers can easily browse new and old model cars, including those available using their credit or debit cards directly with no hidden fees or extra charges while getting full access to vehicle’s condition report all without visiting local dealerships or salespeople’s offices. By leveraging proprietary data technology they developed along with global partnerships such as with Citi Bank and global automotive companies including Autodesk Inc., Sylndr has grabbed global attention as one of the most promising startups coming out of Egypt this year.
Overview of Sylndr
Sylndr is a Cairo-based used-car retailer, providing a safer and more trustworthy used-car purchase experience in Egypt. By leveraging technology, the company has revolutionized the used-car market in Egypt and raised $12.6M in pre-seed funding.
Sylndr has made used cars more accessible and trustworthy, allowing buyers to buy cars with peace of mind. So let’s explore more about Sylndr!
What is Sylndr?
Sylndr is an online used-car retailer striving to revolutionize the used car market in Egypt. An affiliate of Groupe Leader, a company established in 2007, Sylndr offers a fully digital, transparent, end-to-end car purchase experience.
The platform offers multiple features such as on-demand quick search, intelligent recommendation engine, verified expert reviews, warranty offerings, financing services and detailed budget constraints adjustments. In addition, with an expansive fleet of carefully inspected and pre-owned vehicles directly sourced from their dealerships, buyers can access thousands of cars from top global brands.
Sylndr’s comprehensive package provides customers peace of mind throughout purchasing. The online retailer also offers onsite car inspections and delivery services across Cairo Metropolitan areas. In addition, Sylndr’s advanced technology helps buyers match their preferences and budget with different makes, models and prices of cars in the Egyptian market for a hassle-free buying experience.
How is Sylndr different from other used-car retailers?
Sylndr is the leading online used-car retailer in Egypt and the MENA region, having raised a pre-seed funding of $12.6M to revolutionize the Used Car Market. It has been dubbed ‘Egypt’s first ecommerce for cars’, allowing consumers to buy quality used cars with confidence and trust.
Here are some key features that differentiate Sylndr from its competitors:
1. Transparent Pricing: Prices are made transparent on its platform, so customers can compare prices quickly and easily from multiple vendors and get unbeatable deals.
2. Data Analytics: An extensive used car database provides meaningful insights about an individual car’s history for improved customer experience and service.
3. Cloud Platform: A cloud platform allows customers to digitally purchase a car online rather than haggling at various dealerships, reducing headaches associated with used car purchase transactions.
4. Technology-driven processes: A proprietary algorithm process eliminates human error or bias during pricing evaluation, minimizing price variations across dealerships while nurturing market transparency.
5. Insured Car Purchase: All cars purchased on Sylndr come insured with breakdown protection included as part of their package offering to ensure customers’ peace of mind when buying cars online without any hassle or inconvenience involved in case of technical problems due to purchase faults.
With its innovative technologies, Sylndr has made it easier for buyers to purchase quality used cars with peace of mind, efficiently and cost effectively than ever before!
Sylndr’s Impact on the Automotive Market in Egypt
Sylndr, an online used-car retailer, is making big changes in the automotive market in Egypt. By raising $12.6 pre-seed funding, Sylndr has become a powerful force in the Egyptian market and offers a new way to buy and sell used cars.
They are significantly impacting the automotive market in Egypt by offering a convenient and trustworthy way to buy and sell used cars.
Let’s discuss how they are doing this.
Making used cars more accessible
Sylndr, an online used-car retailer, has been shaking up the automotive market in Egypt since it was launched in 2019. Through Sylndr’s strict inspections and fuss-free purchasing process, customers can buy quality used cars with peace of mind, thanks to the company’s website and app. Since its launch, Sylndr has quickly gained tremendous traction in the Egyptian automotive market, with a notable presence across the major cities.
By shifting the landscape of buying used cars in Egypt—from often unreliable sellers to a sophisticated platform that provides comprehensive vehicle history reports—Sylndr has successfully lowered both financial and emotional barriers associated with buying a car. Its wide selection of vehicles makes it easier to find used cars that meet individuals’ requirements or budgets. Compared to brand new vehicles, used cars generally provide greater value for money due to lower acquisition costs and higher long-term affordability.
With this contribution from its recent $12.6M pre-seed round funding from two venture capital firms, North African Telecom Ventures (NATV) and PalaFox Capital Markets (PFCM), Sylndr continues to revolutionize how people purchase vehicles in Egypt by making quality used cars more accessible than ever before. This injection of funds will help propel the company’s growth towards a new level as it plans for increasingly ambitious goals for 2021 onwards.
Increasing trustworthiness in the used-car market
In Egypt, the used-car market is largely undocumented, meaning there is no reliable history or tracking of the vehicles and their past ownership. This can make it difficult to trust a car’s condition or purchase price, resulting in buyers being often overcharged by dealers. To tackle this problem, Sylndr uses proprietary technology to “digitize” the car’s history with data points that allow customers to confirm authenticity and make informed decisions when buying or selling second-hand vehicles.
This data includes details about the car’s ownership history and pictures and videos for customers to gain more insight into the vehicle’s condition than ever before. In addition to increasing transparency in customer transactions, this process provides better pricing accuracy for buyers and sellers. By assuring buyers they purchase quality cars at fair prices, Sylndr increases trustworthiness within the used-car market while reducing prices by eliminating middlemen opportunities during transactions.
The company recently closed a $12.6M funding round with investments from venture capital firms across Europe and MENA (Middle East North Africa). With these funds, Sylndr plans to expand their platform and grow their reach within Egypt’s automotive market. The company also plans to introduce its platform in other markets across MENA and explore further opportunities for growth through new partnerships with local dealerships and automobile manufacturers abroad.
Sylndr, an online used-car retailer, raises $12.6M pre-seed to disrupt Egypt’s automotive market
Earlier this month, Sylndr, an online used-car retailer, received a $12.6M pre-seed funding round to accelerate their mission to disrupt the Egyptian automotive market. This considerable sum is a testament to the growing potential of the used-car market and the innovative methods employed by Sylndr to make used cars more accessible and trustworthy.
This funding will allow Sylndr to scale their operations, accelerate product development, and continue to push the boundaries of the Egyptian automotive industry.
Who provided the funding?
Sylndr, an Egyptian online used-car retailer founded in June 2020, raised its pre-seed funding of $12.6M from a major local and regional VC. Global Ventures led the round with participation from other venture investors including LEAP Ventures, Endure Capital, and Algebra Ventures as well as angel investors including Ailis Tweed-Kent of Spire Ventures and some other individual investor angels.
The capital will be used to expand the company’s operations in Egypt, make new hires across engineering to product roles, build partnerships with OEMs and dealerships, launch an accelerator program for tech startups in Egypt focused on the automobile industry expand their fulfilment centers. It will also enable Sylndr to build advanced machine learning models that make used car selection easier for customers and build semantic search capability for parts categorization .
The company said it will use these advanced features to increase transparency in automotive transactions helping end consumers move easily between selling their vehicles or buying second hand ones.
What is the purpose of the funding?
The $12.6 million in pre-seed funding from Sylndr will enable the company to make strides toward disrupting Egypt’s automotive market. Sylndr is an online used-car retailer using technology to make buying and selling more accessible, reliable and trustworthy for everyone.
The proceeds of this funding will be used for investing in building the core technology and product and accelerating key business operations. In addition, it will enable Sylndr to expand its engineering team and add resources to speed up product development efforts — thus strengthening the customer experience. The funds will also help create an expansive dealership network that can provide reliable vehicles to both buyers and sellers, a key component of retailing used cars online.
Additionally, the money raised by this round of funding can be used to build customer loyalty programs. Delivering first-class customer experience is paramount for a successful automotive retailer—and of utmost importance for a website such as Sylndr—so creating further customer satisfaction incentives relies heavily on having this capital infusion. Moreover, providers have also seen themselves needing additional capital to answer customer queries quickly, which creates an opportunity for increased sales conversions since customers are more likely going with a service that provides quick response time over one with slower response times or none at all.
All of these features enabled by this pre-seed funding round underscore that Sylndr can significantly change how consumers buy and trust used car services through thorough technical vetting protocols coupled with improved delivery methods — poised toward revolutionizing Egypt’s automotive industry one step at a time.
In conclusion, Sylndr is determined to make used cars easier and more cost effective for buyers in Egypt. Through their cutting-edge technology and extensive experience in the automotive industry, they can provide cars with verified history reports and other features that simplify the user experience.
Moreover, by raising such a large pre-seed investment they will be able to expand even further and dominate the used car market in Egypt. Overall, this will make buyers more informed and reassured when purchasing used cars from Sylndr.