Swvl quietly raised USD 20 mn funding round before pandemic hit

STARTUP WATCH- Swvl “quietly” raised USD 20 mn in a funding round it closed before the outbreak of the covid-19 pandemic, according to Menabytes. The mass transport app has yet to officially announce or confirm the funding round. The investment is reflected, however, in recently released financial statements from Swedish VC Vostok New Ventures, which co-led Swvl’s record USD 42 mn funding round last June. So far, Swvl has declined to comment.