Swvl, an app-based mass transportation platform developed in Egypt by Mostafa Kandil and his friends to reduce the chaotic traffic jams in Cairo, recently secured an $8 million Series A investment.
Swvl, which provides a bus-sharing service that is seen as a comfortable and convenient alternative to public transportation in Egypt, had previously raised $500,000 from Middle East–based ride-hailing unicorn Careem. Mostafa Kandil, the co-founder and CEO of Swvl, is himself an ex-employee of the Dubai-based service. He told My Salaam that the company’s top targets include becoming one of the biggest job creators in Egypt in 2018, and one of the ways it seeks to accomplish that is by launching a cargo service as well.
“Swvl wants to become a leading job creator in Egypt. The funding will be used to hire more employees, sign up more transportation companies and leverage the current network to become a logistical powerhouse and possibly launch cargo deliveries.” Mostafa Kandil told My Salaam.
“The $8 million round is the biggest round of funding for a tech startup in Egypt and one of the biggest rounds in the Middle East. With this funding we will be able to create a significant impact on the daily lives of Egyptian commuters,” Mostafa added.
The funding was led by regional venture fund BECO Capital, Africa-based investor DiGAME and global VC fund Silicon Badia. The former biggest startup funding in Egypt was Beco Capital’s $5 million Series B funding of Vezeeta, an automated physician-, clinic- and hospital-booking platform.
How did Mostafa and his friends go about setting up the company and overcome the challenges along the way? Read the story we did last year on Swvl to find out.
For more lifestyle stories on young Muslims worldwide, visit My Salaam
© MySalaam.com 2018 All rights reserved