Swvl, Cairo-based started just raised $8 million in a Series A funding that was led by BECO Capital, Silicon Badia, and African investor DiGAME, with Raed Ventures, Arzan VC, Oman Technology Fund, and chairman of EDventure Holding Esther Dyson also joining the round.
The startup solves the issue of transportation within Egypt, whereby it connects the passengers with private buses and allows them to reserve these buses and as well pay for the fare directly through the app.
Mostafa Kandil, Founder and CEO of SWVL, this funding round is the largest ever for a tech startup. Previously it used to be Vezeeta who raised $5 million last year from the same lead investors BECO Capital and Silicon Badia. “The $8 million round is the biggest round of funding for a tech startup in Egypt and one of the biggest rounds in the Middle East,” Mostafa told Forbes.
According to him, with the funding, SWVL aims to solidify its position in Egypt and establish itself as a global leader in the affordable smart mobility space, in addition to offering fixed routes for a fixed flat fare at prices that are up to 80% cheaper than on-demand ride-hailing services.
In the next three years, SWVL is planning on investing $16.9 million in the Egyptian market to expand to other markets in the Middle East, South East Asia, and Africa.