{"id":645336,"date":"2017-07-18T03:44:47","date_gmt":"2017-07-18T03:44:47","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/07\/18\/careem-invests-usd-500k-in-swvl\/"},"modified":"2017-07-18T03:44:47","modified_gmt":"2017-07-18T03:44:47","slug":"careem-invests-usd-500k-in-swvl","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/07\/18\/careem-invests-usd-500k-in-swvl\/","title":{"rendered":"Careem invests USD 500k in Swvl"},"content":{"rendered":"

INVESTMENT WATCH-<\/strong> Ride-hailing app Careem has invested USD 500k in Swvl<\/a>, a three-month-old Egyptian bus transportation service, Reuters reports<\/a>. Careem will take an undisclosed minority stake in Swvl and its CEO and co-founder, Magnus Olsson, will take a board seat. Reuters says Swvl was founded in April by a former Careem executive. \u201cWe want them to run and learn and develop at a very high pace and high agility and we believe the best way for them to do that is to stay independent,\u201d Olsson told Reuters. The newswire says Swvl, which uses the passenger's location and destination to find the shortest possible journey time based on the nearest bus station that travels along fixed routes, has 50,000 passengers and 200 buses using the mobile app, CEO and Co-Founder Mostafa Kandil told Reuters. \u201cSwvl will use the Careem investment to increase its workforce, develop new app features, and to expand in Cairo and into other cities, including Egypt's second-largest city Alexandria, and to Middle Eastern and Asian countries such as Saudi Arabia, Jordan and Pakistan next year.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

INVESTMENT WATCH- Ride-hailing app Careem has invested USD 500k in Swvl, a three-month-old Egyptian bus transportation service, Reuters reports. Careem will take an undisclosed minority stake in Swvl and its CEO and co-founder, Magnus Olsson, will take a board seat. Reuters says Swvl was founded in April by a former Careem executive. \u201cWe want them […]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-645336","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"d2eb84ee-1ade-4301-9b17-db21cac188ae","order":"0","is_powered_by":true,"section_story_id":"65f5f301-0dbc-4629-a30e-8dc71595277a","story_type":"1","photo_url":"","photo_position":"above","related_issue":[645325],"teaser":"","voice_url":""},"yoast_head":"\nCareem invests USD 500k in Swvl - 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\/2017\/07\/18\/careem-invests-usd-500k-in-swvl\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Careem invests USD 500k in Swvl\" \/>\n<meta property=\"og:description\" content=\"INVESTMENT WATCH- Ride-hailing app Careem has invested USD 500k in Swvl, a three-month-old Egyptian bus transportation service, Reuters reports. 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The exit comes as Careem has begun rolling out its own bus hailing service last month, according to the source, who gave no further detail. Careem\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":641911,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/08\/01\/careem-investments-in-egypt-reach-usd-10-mn\/","url_meta":{"origin":645336,"position":1},"title":"Careem investments in Egypt reach USD 10 mn","author":"enterpriseam admin","date":"1 August 2017","format":false,"excerpt":"Ride-hailing app Careem invested USD 10 mn in Egypt since it opened shop here, Careem Egypt COO Ramy Kato says, according to Al Borsa. Careem Egypt is also studying investment opportunities in e-commerce. Careem invested USD 500k earlier this month in Swvl, a three-month-old Egyptian bus transportation service.","rel":"","context":"In "Automotive + Transportation"","block_context":{"text":"Automotive + Transportation","link":"https:\/\/enterpriseam.com\/egypt\/category\/automotive-transportation\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":604504,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/05\/uber-pilots-bus-service-in-cairo\/","url_meta":{"origin":645336,"position":2},"title":"Uber pilots bus service in Cairo","author":"enterpriseam admin","date":"5 December 2018","format":false,"excerpt":"Uber pilots bus service in Cairo: Uber CEO Dara Khosrowshahi was in Cairo yesterday to launch Uber Bus, the ride-hailing company\u2019s mass transit service. Cairo is the first city to pilot the service globally.How does it work? The service is essentially an upscaled, tech-enabled version of a microbus route (though\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\/12\/2826.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":635410,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/12\/04\/ride-hailing-apps-will-be-required-by-law-to-ensure-taxis-make-up-half-of-their-fleets-careem-eyes-expansion-in-egypt-swvl-looks-raise-funds-for-expansion-in-mena-and-beyond\/","url_meta":{"origin":645336,"position":3},"title":"Ride-hailing apps will be required by law to ensure taxis make up half of their fleets; Careem eyes expansion in Egypt, Swvl looks raise funds for expansion in MENA and beyond","author":"enterpriseam admin","date":"4 December 2017","format":false,"excerpt":"From the Department of Legislative Insanity: Pending legislation may require ride-hailing apps to ensure taxis make up half of their fleets. A number of details have emerged on the Ride-hailing Apps Act that some in the industry claim will significantly disrupt operations. 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