Founders of Swvl – Press photo
CAIRO – 23 April 2018: Egyptian mass transportation application Swvl intends to pump LE 300 million of investments in the Egyptian market during the upcoming three years in order to become one of the biggest job creators in the country.
Co-founder and CEO of Swvl Mustafa Kandil announced his company’s success in attracting a fund worth $8.5 million, of which $8 million was collected in April 2018.
Kandil pointed out that these funds will enhance the company’s position in the Egyptian market, pointing out that the company is working to provide a smart mobility service with reasonable prices, offering a certain fixed-fare route cheaper than 80 percent cheaper of call-on-demand services.
The fund is led by regional venture fund BECO Capital, alongside Africa-based investor DiGAME and global VC fund Silicon Badia, the statement said.
The statement clarified that the company held a funding round in participation with Raed Ventures, Arzan VC, Oman Technology Fund, and EDventure Holdings Chairperson Esther Dyson.
Mahmoud Noah, co-founder and operations manager of Swvl, said that the company has plans to solidify its position in Egypt and expand into emerging markets across the Middle East, Southeast Asia and Africa region with inadequate public transportation infrastructures that have embraced on-demand ride-hailing.
He clarified that U.N. reports on key trends in urbanization indicate that 60 percent of the planet’s residents will be living in cities by 2030, creating a previously unknown demand for commuting services, and a $5.4-trillion economic opportunity.
Swvl is an Egypt-based tech startup that enables riders heading in the same direction to share fixed-route bus trips for a flat fare with no surge pricing.
It was founded by three young entrepreneurs – Moustafa Kandil, Ahmed Sabbah and Mahmoud Nouh – who have built a dream team with past experiences from Careem, Google, Uber, Quora, Rocket Internet and Delivery Hero.