Cairo – Sharikat Mubasher: Sylndr, Egypt’s leading online used car trading platform, raised $7.4 million (EGP 370 million) in new funding to expand its operations.

The financing round was led by EFG Hermes, which acted as the sole financial advisor. EFG Hermes has designed an innovative financing structure tailored to the company’s complex legal and financial framework, according to a press release.

This new round, following a previous $12.6 million pre-seed investment, represents a major step forward for Sylndr and the broader Egyptian startup ecosystem.

The lending consortium included EFG Corp-Solutions, NXT Commercial Bank, EG Bank, and other financial institutions.

The fresh capital will enable Sylndr to enhance its vehicle inventory, improve customer experience. In addition, it helps boost operational efficiency while diversifying its future funding sources.

Mai Hamdy, Managing Director of Debt Capital Markets at EFG Hermes, commented: “The funding represents a qualitative leap not only for Sylndr but for the Egyptian startup ecosystem as a whole,” emphasizing that the financial structure provides Sylndr with the flexibility to expand while securing lenders’ rights.

In addition to this recent round, Sylndr previously raised USD 12.6 million in a pre-seed investment round in May 2022.