Egyptian app-based mass transit start-up, Swvl has announced its Series B round fund. The start-up didn’t disclose the exact fund secured but it is in the tens of millions, which make it one of the biggest rounds of funding in the MENA region, magnitt said.
The round was led by regional venture fund, BECO Capital with Africa-based investor, DiGAME and global VC fund Silicon Badia. Other investors that participated in the round include, Raed Ventures, Arzan VC, Sawari Ventures, Oman Technology Fund, Dash Ventures, Esther Dyson, chairman of EDventure Holdings and Emilian Popa.
Swvl was founded by three entrepreneurs: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh, who have built a strong team with their most recent members such as Rafael Coronel, who founded Cabify’s (Uber of Latin America, Spain and Mexico) data science team.
See Also: Egyptian Start-up, Fakahany Raises $700k Seed Round
While commenting on the new investment, Mostafa Kandil, co-founder and CEO of Swvl, “It is about time we build a multi-billion dollar tech company out of Egypt. With this round we are committed to being more customer centric than ever and to build top class operations. We will also continue developing world class technologies that solve the daily struggle of commuting in emerging markets. This round is the biggest round of funding for a tech start-up in Egypt and one of the biggest Series B rounds ever raised in the MENA region”.
With the funding, Swvl will continue to solidify its position as a global leader in building tech-enabled public transportation and will start its R&D facility in Berlin, Germany.
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