Last Update 20:49
Thursday, 17 October 2019

Egyptian bus ride-hailing app Swvl closes largest funding round for Egypt tech startups

The company hopes the $8 million funding deal will put it on the global map for smart transportation

Ahram Online , Tuesday 24 Apr 2018
Swvl
Share/Bookmark
Views: 3773
Share/Bookmark
Views: 3773

Egyptian bus ride-hailing app Swvl closed an $8 million series-A financing deal with venture fund BECO Capital, Africa-based investor DiGAME and global venture capital fund Silicon Badia, according to a press release by the company issued on Monday.

Raed Ventures, Arzan VC, Oman Technology Fund, and chairman of EDventure Holdings Esther Dyson also participated in the funding round, which was the largest yet for Egypt’s tech startups.

“With this funding, Swvl aims to solidify its position in Egypt and establish the company as a global leader in the affordable smart transportation sector, offering fixed routes at flat fares that are up to 80% cheaper than on-demand ride-hailing services,” said SWVL co-founder and CEO Mostafa Eissa Kandil. 

Hundreds of thousands of Swvl rides have been completed, hailed mainly by university students and corporate employees, since the company was founded in March 2017.

Swvl follows a network of 200 fixed routes in Cairo and Alexandria and charges a flat fare for all rides.

Riders schedule their trips by choosing pick-up and drop-off points, and can pay in cash or by credit through.

“Swvl intends to invest EGP 300 million in the local market in the upcoming three years to empower as many micro-entrepreneurs as possible in Egypt and the region and to become one of the biggest job creators in the country,” co-founders Mahmoud Nouh and Ahmed Sabbah said.

Kandil, along with Nouh and Sabbah, were featured in Forbes Middle East’s first list of Arab 30 under 30 last month.

Careem invested $500,000 in seed funding in Swvl in July 2017.

Short link:

 

Email
 
Name
 
Comment's
Title
 
Comment
Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.
Latest

© 2010 Ahram Online.