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Egyptian tech startup Swvl has raised over $20-million in a new round completed just before the Covid-19 pandemic took hold in the region, tech publication Menabytes reported today.
The startup was founded in 2017 by CEO Mostafa Kandil (pictured above), Ahmed Sabbah and Mahmoud Nouh (who resigned from the company in October last year).
It allows users in Egypt and Kenya book fixed rate affordable rides on its network of vans and buses through its app.
The publication reported in the article that while the investment round hasn’t been officially announced yet, it has learned, that both existing and new investors have taken part in it.
Egyptian tech startup Swvl has raised over $20-million in a new round which has yet to be officially announced
Menabytes cited Swedish venture capital (VC) fund Vostok New Ventures’s 2020 first quarter report (opens as a PDF) that reveals that the VC invested $7-million in February in Swvl, as part of a larger funding round in the startup.
The publication said while Vostok’s report does not reveal the exact size of the round other than to say had we’ve learned it is between $24 to $28 million.
The Swedish investor took part in Swvl’s $42 million raise in June last year.
Ventureburn contacted Kandil and Sabbah via LinkedIn, but both did not immediately respond to request for comment.
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Read more: Egypt’s Swvl raises $42-million on a reported $156m valuation [Updated]
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Read more: Are these the 10 biggest disclosed African tech startup deals of 2018? [Updated]
Featured image: Swvl CEO Mostafa Kandil (Facebook)