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Egypt’s Sylndr secures $12.6m pre-seed fund. 1 other story and a trivia

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This line-up of stories will help you discover the latest happenings around the tech world, today

1. Egypt’s Sylndr secures $12.6M pre-seed fund

An Egyptian online used-car retailing startup, SyIndr, has announced a $12.6M pre-seed fund led by Saudi-based early-stage venture capital firm, RAED Ventures.

Sylndr’s co-founder and CEO, Omar El Defrawy, confirmed the development in a statement on Monday.

According to Omar, VC firms including Algebra Ventures, Nuwa Capital, 1984 Ventures, and Global Founders Capital participated in the round.

He added that several regional and global angel investors also invested in the fund.

Industry analysts noted that the latest funding is the largest of its kind in MENA and sub-Saharan Africa, surpassing Rabbit’s last November record.

Omar, while commenting on the raiser, said that his startup will help build trust among car users in Egypt.

He said: “The main problem that we’re trying to fix in Egypt is a complete mistrust between buyers and sellers of used cars in the markets.”

“That’s the core problem that we’re trying to solve. Our vision as a company is that we want to quickly become the most trusted used car retailer in Egypt and the region.”

Tech Trivia: The “DCIM” folder is typically found on what type of storage device?
A Internal Hard Drive
B External Hard Drive
C Digital Camera Memory Card
D Optical Media
Answer: see end of post

Read also :Norway’s Pangea looks to support African startups. 1 other story and a trivia

2. Indian’s 1K Kirana Bazaar raises $25 million Series B fund

An Indian digital neighborhood store network, 1K Kirana Bazaar, has announced securing $25 million in a new Series B funding.

The co-founder of 1K Kirana, Kumar Sangeetesh, disclosed details of the new raiser on Monday.

According to Kumar, the series B round was led by Alpha Wave Global, Info Edge Ventures, Kae Capital, and some other angel investors including Amrit Acharya.

Ripples Nigeria gathered that the Indian company was founded by Abhishek Halder, Anilesh Yadav, Kumar Sangeetesh, Manish Kutaula, and Sachin Sharma in 2018.

Operating as an offline and online neighborhood store (Kirana) network, the startup helps Kirana store owners acquire and retain consumers and improve sourcing efficiency.

Commenting on the development, Kumar said:

“We control their entire supply chain. We supply them the goods, we do the marketing, and we ensure that consumer footfall increases in the shop. These shops operate as a franchise partner and make money through commission instead of playing through the margin.”

“In our case, I aggregate the stores’ supply demands, go to manufacturers, get the cost down, and pass the cost-benefit to consumers.”

Trivia Answer: Digital Camera Memory Card

DCIM is short for “Digital Camera Images.” DCIM is the standard name of the root folder digital cameras use to store digital photos.

Therefore, when you connect a digital camera to your computer, the disk that appears on your desktop (Mac) or in “My Computer” (Windows) will most likely have a folder named “DCIM” inside it.

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