Cairo – Mubasher: Egypt-based mass transportation app Swvl has raised an $8 million from the biggest Series A round of funding for a tech startup in the North African nation.
The investment round was led by Dubai-based BECO Capital, Abu Dhabi-based DiGAME Investment Company, and global venture capital firm Silicon Badia, Egyptian streets reported.
The Egyptian startup had previously closed a $500,000 round from Dubai-based ride-hailing app Careem.
“The $8 million round is the biggest round of funding for a tech startup in Egypt and one of the biggest rounds in the Middle East. We’re now better able to create a far more perceptible improvement to Egyptian commuters’ daily lives,” co-founder and CEO of Swvl Mostafa Kandil commented.
Swvl is on track to develop customised product offerings to meet demands of different customer segments, Kandil added.
Moreover, chief operating officer Mahmoud Nouh and chief technical officer Ahmed Sabbah said that Swvl eyes major expansion into emerging markets across the MENA, South East Asia, and Africa regions this year.
Both officials have further noted that the company is willing to invest $16.9 million (300 million EGP) in the Egyptian market within the coming three years and seeks to become one of biggest job creators in the Arab world's most populous country.
It is worth noting that Swvl currently operates hundreds of buses along approximately 200 routes across Cairo and Alexandria.
