Sylndr plans to use the funds to prepare for its public launch. Here are the top-line bullets you need to know.
Sylndr, a used car marketplace, has raised $12.6M in a pre-seed funding round that drew participation from Raed Ventures, Algebra Ventures, and Nuwa Capital, among others.
How’s the company performing?
- Egypt-based Sylndr enables customers to buy and sell used cars.
- The company plans to launch to the public by the start of 2023.
- Sylndr plans to offer a 7-day money-back guarantee and flexible financing options on its platform.
- It is currently supported by a team of 40+ employees.
Why does the market matter?
- The global used car market is expected to reach a value of $2.15T by 2027, growing at a CAGR of 5.5%, according to Grand View Research.
- Online sales of used cars account for about 22% of the total market share and are expected to be a key driver of future industry growth.