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The startup — which was founded last year by Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh — allows users who enter its app to book fixed rate affordable rides on its network of vans and buses that service more than 200 routes in Cairo and Alexandria.
Yesterday (22 November), Forbes reported that the funding round — which was “exceptionally oversubscribed” — was “in the tens of millions”.
Swvl’s existing investors also pitched in. They include Arzan Venture Capital, Dash Ventures, EDventure Holdings chairwoman Esther Dyson, Emilian Popa, Oman Technology Fund, Raed Ventures, and Sawari Ventures.
Swvl now plans to start an R&D facility in Berlin
Kandil, who is Swvl’s CEO, told Forbes that the startup will use the funding to be “more customer centric” and to build “top-class” operations. The startup also plans to open a research and development (R&D) facility in Berlin, Germany.
Kandil also claimed that the deal is not only the biggest funding round secured by an Egyptian tech startup but also “one of the biggest Series-B rounds ever raised thus far in the Middle East and North Africa (MENA) region.
Crunchbase estimates that Swvl has raised a total of $8.5-million in funding since it launched. The startup’s most recent investment was an $8-million Series-A round in April led by Silicon Badia, Digame and Beco Capital.
Good month for Cairo-based startups
All in all, November is turning out to be a good month for Cairo-based startups.
Last Thursday (15 November), MenaBytes reported that another startup based in the city — fresh produce ecommerce platform Fakahany — had raised $700 ooo in funding in a seed round led by US-based early-stage investment fund Endure Capital.
Featured image: Swvl via Facebook