Egypt’s Swvl Raises Additional USD 21.5 Mn PIPE Funding

Egyptian mobility company Swvl has raised an additional USD 21.5 Mn in private investment in public equity (PIPE) deal as part of its proposed business combination with Queen’s Gambit, ahead of its future listing on the Nasdaq exchange. New investors in the round include the European Bank for Reconstruction and Development (EBRD).

Swvl is a mass-transit system that enables riders heading in the same direction to share a ride in a van or bus. The startup’s proprietary mobility solutions are helping to solve mass transit supply and demand challenges in emerging markets, empowering underserved communities with transportation solutions that are reliable, convenient, safe, and affordable.