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Cairo-based Sylndr Raed Ventures has successfully launched its first car model. This model is the first of its kind in the Egyptian market and is priced at $15,000 on average. The company plans to expand its operations and to increase the number of its models in the future.
Investment in sylndr
RAED Ventures, one of the largest early-stage venture capital firms in Saudi Arabia, led Sylndr’s fundraising round. Other investors included Nuwa Capital, Global Founders Capital, and several regional investors. Sylndr is an automotive-focused e-commerce marketplace. It offers a wide range of high-quality used vehicles to buyers and sellers naasongs, along with flexible financing options. The company plans to launch to the public in Q4 this year.
Sylndr aims to build trust in the used-car market and provide a reliable transaction. They plan to offer consumer financing and consumer-friendly financing options, while offering a seven-day money back guarantee. In addition, the platform plans to expand their retail and non-retail channels. Unlike Mexico’s Kavak and Germany’s Auto24, which rely on car dealerships, Sylndr obtains cars from individuals who wish to sell them newmags. Sylndr requires full inspection of each car before it can be purchased.
In the past, Sylndr was a startup founded by former investment banker Omar El Defrawy. Previously, he had been involved in elmenus, a food delivery app. Sylndr is similar to other international online automotive marketplaces, including Carvana in the U.S. and Cars24 in India.
Model of the company
The company, founded by Amr Mazen, raised a tidy sum of money to get its name into the minds of car buyers and sellers alike. As the name implies, the company is a marketplace for used cars and other automobile-related items. Its flagship product is a platform that buys, sells and refurbishes used vehicles for new owners. Sylndr’s model is a little different than other companies in its niche, but it is still in the early stages.
The company boasts a user-friendly interface and a diverse array of financing solutions. One of the more interesting features of Sylndr is its commitment to customer service, with the company boasting an impressive team of forty-plus individuals with a combined eighty years of experience in the automotive industry. Aside from the usual suspects, Sylndr has a number of regional investors to draw from, including Nuwa Capital and Global Founders Capital.
In addition to the aforementioned scalability efforts, Sylndr’s founders have an audacious plan to use the funds to launch a retail and non-retail channels for the company’s offerings.
Car models in Egypt cost about $15,000 on average
The cost of buying a new car is a daunting task for many Egyptians. But there are several startups that have shook up the used car market. One company promises to bring down prices to the point where they are affordable to the average Egyptian.
There are also many other facets of the auto industry that have come under scrutiny, from a lack of vehicle financing options to the burgeoning used car market. The Egyptian government hopes to boost the economy by reinforcing the sector, particularly the localized parts of the production process. In fact, last year the government mandated that at least 46 percent of the components in cars manufactured in Egypt be of local origin. However, economic pressures on a lot of Egyptians have only intensified since the authorities implemented various reforms. And, as with the government’s other austerity measures, the end result has been an increase in transport costs, which has been passed on to consumers.
Plans for the future
Sylndr is an automotive marketplace that enables customers to buy and sell used cars. It was founded by Amr Mazen. The company plans to build a reliable and trustworthy platform for car transactions. They also plan to expand into non-retail channels. As of now, they are working to increase their team size to about 50 people by the end of the year.
The fundraising round was led by RAED Ventures, and the participation of Algebra Ventures and 1984 Ventures, with support from other regional investors. According to the startup’s founders, the money will help them to grow the company and build its retail and non-retail channels. In addition to boosting their team, they hope to grow their customer base, especially in North Africa. Their competitors include Autochek, a Nigeria-based online auto-dealer that recently made inroads into the region.