Egypt's Swvl Scores An 8-Figured Dollar Investment In Series B Funding Round
"With this investment, we plan to expand globally, launch an R&D facility in Berlin," Swvl's Co-founder and CEO Mostafa Kandil tells Startup Scene.
Egyptian transportech startup Swvl has just received "tens of millions of dollars" in their most recent Series B funding round. The investment was led by regional venture fund BECO Capital, alongside Africa-based investor DiGAME and global VC fund Silicon Badia. Other investors participating in the round include Raed Ventures, Arzan VC, Sawari Ventures, Oman Technology Fund, Dash Ventures, Esther Dyson, chairman of EDventure Holdings and Emilian Popa.
"With this investment, we plan to expand globally, launch an R&D facility in Berlin," Swvl's Co-founder and CEO Mostafa Kandil tells Startup Scene. Founded in 2017, Swvl is a bus booking startup offering a ride-hailing app-based service similar to Uber and Careem, but - according to Forbes - 70 percent cheaper. Kandil also reveals that they are looking to build a "kickass team" with this 8-figured dollar investment; namely departments of data science, R&D and an Artificial Intelligence laboratory.
Back in April, in their Series A funding round, Swvl broke funding record as they snagged $8 million in "the biggest round of funding for a tech start up in Egypt," as the CEO describes.
Moreover, in the next three years, Swvl looks to invest EGP 1 billion in the local market, empowering as many micro-entrepreneurs as possible in Egypt and the region, becoming one of the biggest job creators in the country.
Photo courtesy of #MO4productions
