Egypt-Born Swvl Raises $13 Million to Accelerate US Expansion

Egypt-born mobility technology company Swvl has secured $13 million in new funding as it accelerates its expansion in the US and builds out new financial products for transport operators.

The round is being led by US investment firm Coefficient LP, which is backed by the Sawiris family. Coefficient will invest $10 million, while an existing Swvl shareholder will contribute the remaining $3 million.

Under a definitive securities purchase agreement, Swvl will issue 8,990,317 Class A shares at $1.446 per share through a private placement. The transaction is expected to close on August 27th, subject to customary conditions.

Following the deal, Coefficient is set to become Swvl’s largest institutional shareholder. The investment firm’s founder and managing partner, Abdalla Ali, will also join Swvl’s board as the company expands its American operations.

Swvl plans to use the new capital to accelerate growth in the US, strengthen its balance sheet and introduce a lending offering for transport operators.

The company has increasingly focused its business around technology-driven mobility services for enterprises and governments rather than relying primarily on individual riders. It is also pursuing a pipeline of multi-year contracts as it approaches operating breakeven.

Founded in Egypt, Swvl currently operates across Egypt, Saudi Arabia, the UAE, Kuwait, Qatar, the UK and the US.