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Swvl Valued at $100 Million after Funding Round

1 year 8 months ago

Swvl, transportation startup, received investment in Series B funding that’s worth tens of millions of dollars from many investors including Silicon Badia, venture capital firm, and DiGame, an investment firm. Mostafa Kandil, Swvl’s CEO, said on Thursday that the company will now expand to new markets in South-East Asia.

Kandil also said that a part of the investment will be used to establish a research and development facility in Germany to develop new technologies that solve the struggles of transportation in emerging markets.

Swvl is now valued at $100 million, and according to Swvl, this is considered the biggest investment received by an Egyptian tech firm.

Swvl is planning to launch its services in Manila, the capital of the Philippines, followed by other cities in the Philippines, Vietnam, and Thailand.

Swvl was founded in April last year, and it’s an application that allows users to book for trips using Swvl’s buses and pay for them electronically or in cash to the driver, you can also track the bus’s progress until it reaches the bus stop. Users can select their destination on the app and find the nearest Swvl station where buses move according to a schedule.

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