By Lojayn Eissa
SWVL an Egypt based app made for providing a mass transportation system to help to solve the unorganized traffic situation for both local citizens and mini travel vans.
It launched in March 2017, and shortly after, Careem made a hefty investment in the startup that was around $500,000 … Since then the app was able to kick off.
Now it has been announced that SWVL closed an $8 million Series A funding, which is the biggest round of funding for a tech startup. That was led by regional venture fund BECO Capital, Africa-based investor DiGAME and global VC fund Silicon Badia.
According to Mostafa Kandil, the co-founder and Ceo of SWVL, “This deal will establish them as a global leader in the affordable smart mobility space and enhance the Egyptian tech market”
The founders also expressed their intention to Expand beyond Egypt in other Middle Eastern emerging markets. Mohammed Nouh and the operating management team revealed this wish of expansion “Swvl intends to invest $16.9 million in the local market in the next three years to empower as many micro-entrepreneurs as possible in Egypt and the region”
The app offers fixed rate prices that are 80% cheaper than other on-demand transportation services. It has gained popularity among women and students who choose a safer and cost-efficient option.