{"id":599220,"date":"2019-06-23T04:00:38","date_gmt":"2019-06-23T04:00:38","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/23\/swvl-raises-usd-42-mn-largest-ever-funding-round-for-an-egyptian-startup\/"},"modified":"2019-06-23T04:00:38","modified_gmt":"2019-06-23T04:00:38","slug":"swvl-raises-usd-42-mn-largest-ever-funding-round-for-an-egyptian-startup","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/23\/swvl-raises-usd-42-mn-largest-ever-funding-round-for-an-egyptian-startup\/","title":{"rendered":"Swvl raises USD 42 mn, largest ever funding round for an Egyptian startup"},"content":{"rendered":"

<\/a> STARTUP WATCH- Swvl raises USD 42 mn in the largest-ever funding round for an Egyptian startup:<\/b> Egypt\u2019s Swvl has raised USD 42 mn in Series B2 funding<\/a>, the mass transportation startup said in a statement to Menabytes<\/a>. The round was co-led by Swedish VC Vostok Ventures and Dubai-based BECO Capital, with Egypt\u2019s Sawari Ventures, China\u2019s MSA, US-based Endeavor Catalyst, Oman\u2019s OTF Jasoor Ventures, Kuwait\u2019s Arzan VC, Dubai-based Blustone, San Francisco-based Autotech, and Property Finder CEO Michael Lahyani all participating.<\/p>\n

The funds are earmarked for Swvl\u2019s expansion in Africa<\/b>, with Swvl\u2019s founder and CEO Mostafa Kandil telling Bloomberg that<\/a> \u201cthe plan is to be in at least two or three more African cities by the end of the year.\u2019\u2019 Kandil confirmed that Nigeria is most likely the next market Swvl will tap, after the company had disclosed initial plans to launch 50 buses in Lagos<\/a> by mid-July. Reports from earlier this year that the company would move into Uganda remain unconfirmed. Last year, Kandil said that Swvl would launch in Manila in 1Q2019 and then expand throughout Southeast Asia to reach seven megacities by the end of 2019, but the company appears to have since re-focused on Africa.<\/p>\n

This is the second time Swvl has raised a record round<\/b> after netting USD 8 mn in a series A<\/a> in Egypt in April 2018. It then raised \u201ctens of mns of USD\u201d in series B funding in November last year, which apparently brought its valuation close to USD 100 mn. In its two years of operation, the company has raised almost USD 80 mn, making it one of the region\u2019s best-funded startups.<\/p>\n","protected":false},"excerpt":{"rendered":"

STARTUP WATCH- Swvl raises USD 42 mn in the largest-ever funding round for an Egyptian startup: Egypt\u2019s Swvl has raised USD 42 mn in Series B2 funding, the mass transportation startup said in a statement to Menabytes. The round was co-led by Swedish VC Vostok Ventures and Dubai-based BECO Capital, with Egypt\u2019s Sawari Ventures, China\u2019s […]<\/p>\n","protected":false},"author":1,"featured_media":599221,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[7098,72,203,125,1876,1914,2380,507],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-599220","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-africa","tag-enterpriseam","tag-entrepreneurship","tag-investment-watch","tag-kenya","tag-nigeria","tag-speed-round","tag-swvl","wpautop","entry"],"acf":{"mongo_id":"68c65d3d-e7e8-460f-8d07-4af33e487c70","is_powered_by":true,"section_story_id":"b0cd1bc4-bbab-4eaa-b5f4-f05e083a4335","story_type":"1","photo_url":"https:\/\/ent.news\/2021\/7\/490.jpg","photo_position":"above","related_issue":[599212],"teaser":"","voice_url":""},"yoast_head":"\nSwvl raises USD 42 mn, largest ever funding round for an Egyptian startup - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2019\/06\/23\/swvl-raises-usd-42-mn-largest-ever-funding-round-for-an-egyptian-startup\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Swvl raises USD 42 mn, largest ever funding round for an Egyptian startup\" \/>\n<meta property=\"og:description\" content=\"STARTUP WATCH- Swvl raises USD 42 mn in the largest-ever funding round for an Egyptian startup: Egypt\u2019s Swvl has raised USD 42 mn in Series B2 funding, the mass transportation startup said in a statement to Menabytes. 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The funding is led by regional venture fund BECO Capital, alongside Africa-based investor DiGAME, global\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/4\/1706.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":592061,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/25\/egypt-tops-african-countries-in-vc-transactions-in-2019-says-venture-burn\/","url_meta":{"origin":599220,"position":1},"title":"Egypt tops African countries in VC transactions in 2019, says Venture Burn","author":"enterpriseam admin","date":"25 December 2019","format":false,"excerpt":"Egypt tops African countries in disclosed VC transactions in 2019: Egyptian startups received the biggest number and funding value of venture capital (VC) transactions that went to early-stage African startups in 2019, according to Venture Burn. Egypt accounted for 27% of disclosed transactions by volume and 25% by value. The\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/12\/1210.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":571364,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/10\/swvl-quietly-raised-usd-20-mn-funding-round-before-pandemic-hit\/","url_meta":{"origin":599220,"position":2},"title":"Swvl quietly raised USD 20 mn funding round before pandemic hit","author":"enterpriseam admin","date":"10 May 2020","format":false,"excerpt":"STARTUP WATCH- Swvl \u201cquietly\u201d 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\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":623272,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/25\/egypts-hitchhiker-closes-usd-200k-angel-round-swvl-gets-some-international-ink\/","url_meta":{"origin":599220,"position":3},"title":"Egypt\u2019s HitchHiker closes USD 200k angel round, Swvl gets some international ink","author":"enterpriseam admin","date":"25 October 2018","format":false,"excerpt":"** #6 Egypt\u2019s HitchHiker raises USD 200k in seed round: Cairo-based international shop-and-ship (with a twist) startup HitchHiker has secured USD 200k in seed funding from unnamed Dubai-based angel investors, the company said on its Facebook page. Founded last year by CEO Hussein El-Terawy and CTO Hassan Selim, the startup\u2019s\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":595120,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/17\/swvl-seeks-to-raise-over-usd-100-mn-in-a-financing-round-in-1q2020\/","url_meta":{"origin":599220,"position":4},"title":"Swvl seeks to raise over USD 100 mn in a financing round in 1Q2020","author":"enterpriseam admin","date":"17 September 2019","format":false,"excerpt":"STARTUP WATCH- Swvl is seeking to raise more than USD 100 mn in a financing round in 1Q2020, and targeting a USD 1 bn valuation in the coming five years, co-founder and CEO Mostafa Kandil told Reuters. \u201cWe were a company worth about USD 2 mn two years ago and\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/7\/1834.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":562271,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/18\/sequoia-makes-its-first-north-africa-gcc-investment-in-egypts-telda\/","url_meta":{"origin":599220,"position":5},"title":"Sequoia makes its first North Africa + GCC investment in Egypt\u2019s Telda","author":"enterpriseam admin","date":"18 May 2021","format":false,"excerpt":"Digital banking app Telda landed USD 5 mn in a pre-seed funding round led by Silicon Valley-based VC firm Sequoia Capital, according to a statement (pdf). Global Founders Capital and Class 5 Global also participated in the investment round.The investment means Telda just broke the regional record for pre-seed funding,\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/5\/134.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/599220","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=599220"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/599220\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/599212"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/599221"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=599220"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=599220"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=599220"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=599220"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=599220"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}