Swvl valued at USD 100 mn?
INVESTMENT WATCH- Swvl valued at USD 100 mn in series ‘B’ funding round? Mass transit app Swvl raised “tens of mns of USD” in Series ‘B’ funding from new and existing investors, CEO and co-founder Mostafa Kandil told Reuters on Thursday. While he did not disclose size of the round or name investors, Kandil said it brought the company’s valuation close to USD 100 mn. Swvl had set a record for a series ‘A’ round in Egypt back in April when it raised USD 8 mn.
Company eyes expansion in Southeast Asia in 2019: The startup is looking to expand into Southeast Asia next year following the Series B, said Kandil. Swvl is planning to launch in Manila in 1Q2019 followed by the Philippines, Vietnam, and Thailand, Kandil said. The company is targeting seven “mega cities” in emerging markets by the end of 2019, he added. “We are seeing ourselves as more of an emerging markets play and hence we want to expand beyond the Middle East,” he said.