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Tuesday, 24 April 2018

Swvl sees the largest funding round in Egypt tech startup history

INVESTMENT WATCH- Swvl closes the largest funding round in Egypt tech startup history: Mass transit ride-hailing app Swvl received USD 8 mn in Series A funding, the company said in a statement on Monday (pdf). The funding is led by regional venture fund BECO Capital, alongside Africa-based investor DiGAME, global VC fund Silicon Badia, Raed Ventures, Arzan VC, and Oman Technology Fund. EDventure Holdings Chairman Esther Dyson also participated in the round. The funding makes it the largest-ever round of VC funding for an Egyptian tech startup, surpassing the USD 2 mn raised by personal services app Elves. “With this funding, Swvl aims to 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,” said co-founder and CEO Moustafa Kandil.

“Swvl intends to invest EGP 300 mn in the local market in the upcoming 3 years to empower as many micro-entrepreneurs as possible in Egypt and the region and to become one of the biggest job creators in the country,” said co-founders Mahmoud Nouh and Ahmed Sabbah.

Swvl also plans to expand beyond Egypt to other emerging markets across the Middle East, Southeast Asia and Africa region within 2018, the company added.

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