This stands to be the largest round of funding for any tech start up in Egypt as per Mostafa Kandil, who, along with Ahmed Sabbah and Mahmoud Nouh co-founded the transport tech company – Swvl. It has secured USD 8 Mn in its Series A round of funding led by BECO Capital, Silicon Badia and DiGAME. Other participants included Raed Ventures, Arzan VC, Oman Technology Fund, and chairman of EDventure Holdings Esther Dyson.
Previously funded by Careem– another ride hailing firm, Swvl is a transportation app, launched last year in Cairo. It connects commuters with private buses and allows them to reserve buses and pay the fare through company’s mobile app. It claims the prices to be about 50%-80% cheaper than on-demand ride services.
This founders had recently earned a spot-on Forbes Middle East’s 30 under 30 ranking. With USD 500 K from Careem and the latest Series A funds under its belt, the firm plans to a major expansion to other emerging economies across the Middle East, South East Asia and Africa region.
In an attempt to revamp public transportation and solve other problems through technology, the firm intends to invest USD 16.9 Mn to empower micro-entrepreneurs in the local market in the next three years, and to also become the biggest job provider in the country.
Kandil, who also serves as CEO of Swvl, said, “With the funding, Swvl will solidify its position in Egypt and establish the company as a global leader in the affordable smart mobility space, offering fixed routes for a fixed flat fare”.