Sylndr Ventures, a company that provides data analytics to a variety of industries including healthcare and education, was listed on the TechCrunch list of hot startups. The article covers the company’s background and how it plans to expand its business in the future. It also discusses the relationship between the company and investors.
About the company
Sylndr is a nifty little service that aims to recondition Businesstodaysnews and sell used cars for new owners. This might sound like an obvious idea, but it isn’t easy to do. The company acquires cars from individuals who want to sell them, then reconditions them. Its model is somewhat based on India’s Cars24. In addition, Sylndr offers a warranty for customers who take their cars to the service. Currently, Sylndr is in the testing phase of the business, but the startup plans to double its team by the end of the year. Ultimately, Sylndr hopes to compete with Autochek, a Nigeria-based online automotive marketplace, which recently branched out to North Africa.
Sylndr snagged a hefty pre-seed round for its automotive-related wares. The startup received $12.6 million in funding from a range of regional investors, including Algebra Ventures and 1984 Ventures. Other participants in the round include Global Founders Capital, Nuwa Capital, RAED Ventures, and OZE.
Business model
The latest and greatest in the used car space is Sylndr, a mobile and web based platform that reconditions and resells used vehicles. For the uninitiated, Sylndr was modeled after India’s Cars24. It has a unique sales process that includes a seven-day money back guarantee. As of today, the company is still operating at a beta phase, but has already attracted more than a dozen investors, including several regional players and global Founders Capital. A recent round of investment will enable the company to continue its rollout across the Arab world. The company has also announced plans to double its team by the end of the year.
Investors
Sylndr Ventures, an automotive marketplace that allows customers to buy, sell and recondition used cars, raised more than $12.6 million in its pre-seed round, according to TechCrunch. Its investors include Algebra Ventures and 1984 Famousmagazinenow Ventures. In addition, Saudi early stage venture capital firm RAED Ventures and Nuwa Capital were also involved.
Sylndr will offer flexible financing options, as well as a seven-day money back guarantee. The company has plans to increase its team size to double by the end of the year. Its model is based on that of India’s Cars24, which offers a similar service. However, the company faces competition from Autochek, a Nigeria-based platform that recently made inroads into North Africa.
The company will first launch to its existing base of customers who want to sell their vehicles. Eventually, it intends to develop a retail and non-retail channel, while also offering a warranty and other services. Those interested in the startup should visit Sylndr’s website.
Future plans
Sylndr Ventures is a startup that knowcarupdate is building an online used-car marketplace. It buys cars from people who want to sell them and then offers flexible financing options. The company plans to launch its platform to the general public this year, but has not announced a date. As of now, Sylndr is only available for individuals who wish to purchase or sell a car.
The startup has raised $12.6 million from several regional investors, including Global Founders Capital, Nuwa Capital, and 1984 Ventures. The company plans to invest the rest of the money to expand its team and scale its business. By the end of the year, Sylndr intends to have doubled its workforce. According to its founders, the investment will allow them to build out non-retail and retail channels. In addition to enabling consumers to purchase and sell used vehicles livechatvalue, Sylndr also offers a warranty and a seven-day money back guarantee.
