MAY 23, 2022
3 min Read
Investor Updates: May 23 2022
Egypt’s Sylndr raises $12.6m to scale its used cars platform
- Sylndr, an Egypt-based online marketplace for used cars, has raised a $12.6 million pre-seed round, led by RAED Ventures, with participation from Algebra Ventures, Nuwa Capital, 1984 Ventures, Global Founders Capital, and a group of regional and global angel investors.
- Founded in 2021 by Amr Mazen and former chief financial officer of elmenus, Omar El Defrawy, Sylndr allows customers to buy and sell their cars and find financing solutions.
- The startup plans to use the fresh funding to scale its operations, technology infrastructure, and double the size of its team.
With over 6 million cars on Egypt’s roads, the majority of which are passenger cars and second-hand vehicles, the northern African nation has one of Africa’s most extensive vehicle fleets. Like every populous developing country, the large market for used cars, which is dominated by unorganized dealers and classifieds, has attracted startups looking to digitize sourcing and distribution. Cairo-based Sylndr is one of those used-car sale platforms and its fresh pre-seed round of $12.6 million is the largest of its kind in the region.
Moroccan healthtech Blink Pharma raises first funding round
- Morocco-based healthcare tech startup Blink Pharma has raised investment from Azur Innovation Fund for an undisclosed amount.
- Launched in 2020 by Ali Sami and Adil Bertul, the B2B marketplace allows pharmacists, laboratories, and wholesalers to exchange orders, as well as provides them with a payment method.
- The new funding will help Blink Pharma develop its operations, including the launch of new products for the healthcare sector.
The importance of tech startups playing in Africa’s healthcare space can’t be overstated. Africa’s healthcare industry has for decades been plagued with several challenges, from supply chain challenges and fake drugs to a shortage of doctors, medical facilities, and drugs, all of which prevent universal access on the continent. importantly, increasing investor backing for startups shows one of Africa’s most crucial socio-economic problems can be tackled without forgoing returns.
Wingcopter to deploy 12,000 delivery drones across Africa
- German drone delivery firm Wingcopter this week announced a partnership with Continental Drones Ltd. to build a network of 12,000 Wingcopter 198 drones across Africa over the next five years.
- The proposed network would span 49 sub-Saharan African countries, expanding Wingcopter’s presence in Africa beyond Malawi. Once completed, the new service would become the largest commercial delivery drone deployment in the world.
- The companies also plan to focus primarily on streamlining on-demand deliveries of medical supplies like medicines, vaccines, and laboratory samples, but also essential goods.
Based on its increasing adoption, drone delivery looks set to be very much a part of the future of last-mile delivery. Moreover, Africa is a good fit for the system. The continent suffers from inefficient and unsustainable infrastructure, which has long been a barrier to universal health coverage. That creates the opportunity for a solution like a drone delivery, which requires only a digital infrastructure and is fast gaining prominence on the continent spearheaded by startups like Astral Aerial in Kenya, Drone Africa Service in Niger, UAV Industries in South Africa, etc.