Swvl raises “tens of millions” for Series B

Having closed a Series A round in April, Swvl, an Egyptian mass transportation app startup has reportedly raised a significant amount of capital for its Series B. Dubai-based BECO Capital led the round, as it did the Series A, and was joined by several other investors who participated in the $8 million round in April – DiGAME, Silicon Badia, Raed Ventures, Arzan VC, Oman Technology Fund as well as the chairman of EDventure Holdings, Esther Dyson. While declining to put a precise figure on the size of the investment, Mostapha Kandil, Swvl’s CEO and co-founder, told financial publication Forbes that the round was considerably oversubscribed and ran into the “tens of millions of dollars”.

Founded in 2017 by Kandil and fellow co-founders Ahmed Sabbah and Mahmoud Nouh, Swvl now operates several hundred buses along routes in Cario and Alexandria. The app-based mass transit systems allows customers heading in the same direction to book seats on buses at affordable fixed rates, eliminating surge pricing and share buses in demand to help avoid the country’s traffic jams. The company’s customer mix is made up of both corporate employees and university students, many of them women, who welcome the opportunity to avoid the harassment prevalent on public transportation.

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