Egyptian app-based mass transit system Swvl has announced it has raised a Series B round of funding worth tens of millions of dollars to help it consolidate its market-leading position and launch an R&D facility in Germany.
Swvl, a mass-transit system that enables riders heading in the same direction to share a ride in a van or bus, has not disclosed the exact amount raised, but it is greater than the US$8 million Series A round it secured earlier this year and more than the previous record round for an Egyptian tech startup – the US$12 million secured by e-health startup Vezeeta in September.
The round was exceptionally oversubscribed with participation from all existing investors as well as some new regional and local investors. It was led by regional venture fund BECO Capital, alongside Africa-based investor DiGAME and global VC fund Silicon Badia. Other investors include Raed Ventures, Arzan VC, Sawari Ventures, Oman Technology Fund and Dash Ventures.
“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 technology that solves the daily struggle of commuting in emerging markets. This round is the biggest round of funding for a tech startup in Egypt and one of the biggest Series B rounds ever raised in the MENA region,” said Mostafa Kandil, co-founder and chief executive officer (CEO) of Swvl.
With the funding, Swvl will continue to solidify its position as a leader in building tech-enabled public transportation and will start its R&D facility in Berlin, Germany.
Twenty months since its launch, Swvl is facilitating hundreds of thousands of rides each month, serving tens of thousands of customers on its network of more than 200 routes in Cairo and Alexandria.