Swvl, a Cairo-based transportation startup, has raised $42 million Series B-2 funding round which was co-led by Swedish VC Vostok Ventures and Dubai-based BECO Capital, with China’s MSA, US-based Endeavor Catalyst, Oman’s OTF Jasoor Ventures, Egypt’s Sawari Ventures, Kuwait’s Arzan VC, Dubai-based Blustone, San Francisco-based Autotech, and Property Finder’s CEO Michael Lahyani joining in.
Swvl has so far raised close to $80 million so far which makes it one of the best-funded startups of the region. Founded in early 2017 by Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh, Swvl is currently available in Cairo, Alexandria, and Nairobi.
The startup connects commuters with private buses, allowing them to reserve seats on these buses and pay the fare through the company’s mobile app. The buses available on Swvl operate on fixed routes (or lines).
Mostafa Kandil, the co-founder and CEO, speaking to Bloomberg, said that they plan to be in at least two to three more African cities by the end of this year.
The Cairo-based transportation startup recently announced that it will be launching in Lagos, Nigeria by mid-July. The startup is currently seeking to recruit a Country Manager to kick-start the operations.
