Sylndr, an Egyptian online used car startup, has secured $7.5 million in funding from EFG Hermes, an EFG Holding company.
Sylndr will use the investment to support its growth strategy and enhance its operational efficiency and scalability while solidifying its commitment to revolutionising Egypt’s automotive industry.
Maie Hamdy, MD, Debt Capital Markets of Investment Banking at EFG Hermes, commented, “This transaction marks a significant shift not only for Sylndr but for Egypt’s growing startup ecosystem. 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.
“EFG Hermes remains committed to delivering dynamic financial solutions that foster growth and resilience for our clients, contributing to the broader economic transformation we’re witnessing across Egypt. We are excited to support Sylndr’s journey as it sets new standards in the online used-car market. We are proud to have utilized the inherent synergies within EFG Holding’s group of companies, having worked with EFG Corp-Solutions and Bank NXT as lenders on this transaction, utilising the range of services we have to offer to serve our clients effectively.”
This financing facility aligns with Sylndr’s mission to transform the used car market by building a trusted and transparent platform for buying, selling, and financing high-quality used vehicles. Sylndr is set to leverage this capital to improve customer experience, increase inventory diversity, and broaden financing options, positioning itself as Egypt’s premier destination for used cars.
Omar El Defrawy, Co-Founder and CEO of Sylndr, said, “This financing facility empowers us to unlock unprecedented growth while reinforcing our commitment to bring trust, transparency, and convenience to Egypt’s used car market. This milestone is a testament to Sylndr’s vision of offering differentiated mobility solutions, reshaping how people access affordable and reliable vehicles in Egypt’s growing market.
“We are particularly grateful to EFG Corp-Solutions, Bank NXT, and EG Bank for their invaluable support and confidence in our mission. Their dedication, along with the expertise of all parties involved, will enable us to expand our services, reach more communities, and offer more customers access to high-quality vehicles and seamless financing options. We look forward to continuing to transform the way people buy and sell cars in Egypt.”
