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Swvl Closes $8M Deal in series A Round

Egyptian public transportation app Swvl raised $8M in a series A investment round led by regional fund BECO capital, Africa based investor DiGame, and global VC fund Silicon Badia, Forbes middle east reported on Monday.

Swvl had raised $500,000 of investment from Careem in July last year.

“With the funding, Swvl will solidify its position in Egypt and establish the company as a global leader in the affordable smart mobility space, offering fixed routes for a fixed flat fare at prices that are up to 80% cheaper than on-demand ride-hailing services,” Swvl CEO and co-founder Mostafa Kandil said.

Swvl allows users to share buses on demand to avoid the country’s traffic, and it has diverse customers of university students and women who want to avoid sexual harassment on public transportation and aims to reach wider customer segments.

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