UPDATE (20 August 2019): Swvl‘s $42-million raise was based on a valuation of the Egyptian startup of $156.86-million. The valuation was calculated from a disclosure published in a financial report released by Vostok New Ventures this month. In the report, Vostok says it invested $16-million in the round for a 10.2% stake in the startup.
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The startup — which was founded in 2017 by CEO Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh — allows users in Egypt and Kenya book fixed rate affordable rides on its network of vans and buses through its app.
US business publication Bloomberg reported in an article today that Kandil said the startup plans to enter “two or three more” African cities by the end of the year. Kandil told the publication that Lagos would most likely be its next market.
Swvl currently operates in Egypt and Kenya
The startup currently operates in Cairo and Alexandria in Egypt as well as in Nairobi, Kenya.
Middle East and North Africa (MENA) focused tech publication MENAbytes reported in an article today that other investors who participated in the round include Autotech, Arzan VC, Blustone, OTF Jasoor Ventures, Property Finder CEO Michael Lahyani and Sawari Ventures.
Last month, the startup together with Ford, inked a strategic partnership deal that will see it use Ford Transit mini-buses as the preferred vehicle of choice on Swvl’s routes.
In November last year the startup raised “tens of millions” in what Forbes at the time said was an “exceptionally oversubscribed” round. In an article in April, Magnitt, a guide for startups in the region, put the value of that deal at over $20-million (see below).
Egypt was the fastest growing startup ecosystem in the MENA region in 2018, with 83 funding rounds taking place. Access an in-depth overview of all 83 funding rounds HERE: https://t.co/YwcMd5mHlr pic.twitter.com/l42LDmQUsU
— MAGNiTT (@MAGNITT) April 18, 2019
Featured image: Swvl via Facebook