DPI Venture Capital led the Series A equity round, raising USD 15.7 million for the used-car platform Sylndr.
MENA region law firm Matouk Bassiouny has advised African investment firm DPI Venture Capital on leading the Series A funding round through its Nclude Fund for the Egypt-based used-car dealership Sylndr.
The Matouk Bassiouny team was led by partner Mohamed Essam, head of corporate and M&A at the firm’s UAE offices, and included senior associate Moustafa Rizk and associate Ahmed Hatem.
DPI Venture Capital is the venture arm of Development Partners International, a private investment firm focused on supporting businesses in Africa.
Through the Nclude Fund, an established fintech-focused venture capital fund in Egypt, DPI Venture Capital will continue to support companies like Sylndr that focus on providing technology-led solutions across Africa and the Middle East.
Sylndr is a Cairo headquartered e-commerce marketplace for users to buy, sell, finance and service used cars. The company works with over 1,000 dealers in Egypt and serves buyers and sellers through its online and offline channels.
With the money raised from this Series A funding round, Sylndr plans to expand the scope of its operations, strengthen its technological capabilities, and improve its auto financing services and tools for dealers.
El Defrawy, Sylndr’s CEO, said: “When we started the business, we were primarily focused on a consumer problem related to buying and selling cars. And when we started to scale that business, it became very clear to us that the market is much bigger than that and creating value to customers would require us to build other compelling businesses that integrate with what we’re doing.”
