- Sylndr secures an EGP 370 million working capital facility, marking Egypt’s first asset-backed startup financing.
- The deal introduces a pioneering financial structure supporting startup growth in Egypt’s emerging automotive tech sector.
- It boosts investor confidence and signals the startup ecosystem’s readiness for innovative, scalable financing models.
EFG Hermes and Sylndr
EFG Hermes, a powerhouse in the MENA investment banking scene, has sealed an innovative advisory deal for Sylndr, Egypt’s leading online used car marketplace. The EGP 370 million working capital facility represents the country’s first asset-backed financial solution crafted for a startup.
This bold move empowers Sylndr to accelerate its mission of transforming Egypt’s used car market while showcasing the potential of creative financing in the region.
Maie Hamdy, Managing Director of Debt Capital Markets at EFG Hermes, underscored the importance of this transaction. “Through this innovative, ring-fenced financing structure, we have provided Sylndr with the financial flexibility to scale confidently while ensuring the highest level of security for lenders,” said Hamdy.
This facility will enhance Sylndr’s operational efficiency, expand its inventory diversity, and fortify its financing options, cementing its position as a leading market competitor.
Sylndr’s Growth Journey Accelerates
Sylndr has consistently demonstrated its commitment to innovation, shaping a more transparent and accessible used car market.
The new financing adds to the company’s momentum following previous funding milestones. Sylndr has raised a total of USD 20 million in a pre-seed round, one of the largest in the MENA region.
CEO Omar El Defrawy expressed optimism. He 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”
Competitive Insights and Future Outlook
While the company has shown agility in securing loans and funds, it must mitigate potential risks associated with scaling, including market fluctuations and regulatory shifts.
Sylndr’s ability to attract substantial financial backing reaffirms its credibility and adaptability.
With its latest financing, Sylndr is well-positioned to lead Egypt’s automotive tech revolution, building investor confidence and inspiring a wave of innovation across the region.
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