Swvl Just Received the Largest Ever Funding Round for an Egyptian Startup With $42 Million!

Via Mena Bytes

Swvl just received the largest ever funding round for an Egyptian startup after they got $42mn in Series B – 2! The Cairo-based startup was founded just two years ago, and they have now raised close to $80mn, making it one of the best-funded startups in the entire region.

The startup currently operates in Cairo, Alexandria, Nairobi, and recently they announced that they will start operating in Lagos in the next few weeks. Co-founder and CEO, Mostafa Kandil, stated earlier in an interview that they are planning to expand to least two or three more African cities by the end of this year.

Swvl was founded in 2017 by Mostafa Kamil, Ahmed Sabbah, and Mahmoud Nouh. The startup connects commuters with private buses, allowing them to reserve seats and pay fare through the company’s mobile app.

The company doesn’t own the buses neither does it employ the drivers, however, it has signed different partnerships to help drivers and operators with financing the maintenance and fueling of the vehicles.

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