Egypt’s bus transportation startup Swvl announced that they have raised $42 million in Series C round and plans to expand into other countries Africa, including Nigeria.
Swvl received the Series C funding from various venture capital firms, including Dubai-based BECO Capital, Oman’s otf Jasoor Ventures, Sawari Ventures, DASH Ventures, China’s MSA, Vostok New Ventures, and Endeavor Catalyst, among others.
It’s worth noting that the fundraiser happened just months after Swvl has raised $8M in Series A and $30M in Series B back in 2018.
The two-year-old company started in Cairo and currently operates in Alexandria and Nairobi in Kenya. “The plan is to be in at least two or three more African cities by the end of the year,” Founder and Chief Executive Officer Mostafa Kandil, comments. He suggests that Lagos, Nigeria is most likely the next market.
According to Mostafa Kandil, an engineering graduate who used to work for Careem, Swvl collects hundreds of thousands of customers every month.