Swvl raises over $20 million in new funding round
Swvl, the Cairo-born mobility startup quietly raised over $20 million in a new round right before the spread of Covid-19 in the region, MENAbytes has learned. The investment round which hasn’t been officially announced yet, we’ve learned, had both existing and new investors take part in it.
The round was also confirmed in the recent financials of Vostok New Ventures, the Swedish VC that co-led Swvl’s $42 million Series B-2 in June last year. Vostok in its 2020 Q1 report said that it invested $7 million in Swvl in a larger funding round in February 2020, pre Covid-19. The report by Vostok does not reveal the exact size of the round but we’ve learned it is between $24 to $28 million.
Swvl connects commuters with private buses on its network (that operate on fixed routes), allowing them to book the rides through its app and pay using a credit card or cash. Started with Cairo in 2017, Swvl which is now headquartered in Dubai operates its service in six cities across three countries, including Kenya, where it expanded in early 2019 and Pakistan where it launched a month after announcing its $42 million round.
Swvl has also been taking part in different initiatives across all its markets to help the community in these tough times.
The hiring spree suggests that Swvl is preparing to execute its expansion plans once the Covid-19 situation improves.