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Swvl Secures $42 Million in Series (B-2) Funding Round

Swvl, The Egyptian transportation startup, announced on Thursday that it raised $42 million in a series (b-2) funding round according to MENA bytes. The startup also announced earlier this month their plans to launch in Lagos, Nigeria, and their strategic partnership with Ford which combines Swvl’s app with Ford’s transit minibus.

According to MENA Bytes, the funding round included local and international investors, it was co-led by Swedish VC Vostok Ventures and Dubai-based BECO Capital, with China’s MSA, US-based Endeavor Catalyst, Oman’s OTF Jasoor Ventures, Egypt’s Sawari Ventures, Kuwait’s Arzan VC, Dubai-based Blustone, San Francisco-based Autotech, and Property Finder’s CEO Michael Lahyani.

Swvl’s app allows users to book fixed-rate rides in mini-buses with more than 600 lines now available in Cairo and Alexandria, according to Swvl’s website.

 Swvl launched two years ago, its valuation is now close to $100 million.

Photo credit: Swvl's Facebook page.

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