Egypt-Based SWVL Raises $8 Million In Series A Funding
SOURCE: Forbes Middle East - Egypt-Based SWVL Raises $8 Million In Series A Funding
Swvl, the Egyptian app-based mass transit system, announced a $8 million Series A that was led by regional venture fund BECO Capital, Africa-based investor DiGAME and global VC fund Silicon Badia. Other VC firms Raed Ventures, Arzan VC, Oman Technology Fund, and chairman of EDventure Holdings Esther Dyson, also participated in the round. The round comes less than a year after Careem acquired a minority stake back in July 2017.
Swvl is popular amongst the population of Egypt, especially amongst people travelling between cities and students, as they can travel on a budget and with safety between destinations.
“The $8 million round is the biggest round of funding for a tech start up in Egypt and one of the biggest rounds in the Middle East,” said Mostafa Kandil, co-founder and CEO of Swvl. “With the funding, Swvl will solidify its position in Egypt and establish the company as a global leader in the affordable smart mobility space, offering fixed routes for a fixed flat fare at prices that are up to 80% cheaper than on-demand ride-hailing services.
“We’re trying to build our own version of public transportation, that’s smarter basically,” said the 25-year old Kandil who earned a spot on Forbes Middle East’s 30 under 30 ranking earlier this year, along with Swvl co-founders Mahmoud Nouh and Ahmed Sabbah.
Nouh and Sabbah also revealed that the company is planning major expansion over the coming years. “Swvl intends to invest $16.9 million (300 million EGP) in the local market in the next three years to empower as many micro-entrepreneurs as possible in Egypt and the region, to become one of the biggest job creators in the country,” the company said. Swvl plans to expand beyond Egypt to other emerging markets across the Middle East, South East Asia and Africa region within 2018.
Source: forbesmiddleeast.com