Egypt-based Sylndr raises $15.7m to expand beyond online marketplace for used cars

Funding and Expansion: Egyptian online used car marketplace Sylndr has raised $15.7 million in funding, totaling over $30 million since its launch, to expand into auto financing, servicing, and dealer tools, while also addressing market challenges like fraud and unregulated transactions.

Market Position and Growth: Founded in 2021, Sylndr aims to formalize the used car market in Egypt, where demand has surged due to economic factors; it currently serves over 1,000 dealers and expects new products to significantly boost its gross profit in the coming years.