Swvl, an Egyptian mobility startup has raised over $20-million in a new round completed just before the Covid-19 pandemic took hold in the region according to Menabytes.
The startup was founded in 2017 by CEO Mostafa Kandil Ahmed Sabbah and Mahmoud Nouh.
It allows users in Egypt and Kenya to book fixed-rate affordable rides on its network of vans and buses through its app.
The publication reported in the article that while the investment round hasn’t been officially announced yet, it has learned, that both existing and new investors have taken part in it.
Menabytes cited Swedish venture capital (VC) fund Vostok New Ventures’s 2020 first quarter report (opens as a PDF) that reveals that the VC invested $7-million in February in Swvl, as part of a larger funding round in the startup.
The publication said while Vostok’s report does not reveal the exact size of the round other than to say had we’ve learned it is between $24 to $28 million.
The Swedish investor took part in Swvl’s $42 million raise in June last year.
