The Egyptian mobility startup Swvl, in a new round just before the corona pandemic, raised over $20 million, according to MENAbytes. However, the company hasn’t formally announced this yet.
The round was also shown in the recent financials of the Swedish VC, Vostok New Ventures, who last year co-led Swvl’s $42 million Series B-5.
In the Q1 report of 2020, Vostoke shows that in February around $7 million were invested in Swvl and while it doesn’t show the exact amount raised in the round the estimate ranges around $24 to $28 million.
Swvl was established in 2017 in Cairo and is now headquartered in Dubai, offering its services in 5 cities in 3 countries including Kenya and Pakistan. The firm, like its rivals, had been badly impacted by the corona pandemic, as its services in Pakistan are suspended and operations have been scaled back in Egypt and Kenya as well.
Earlier this week, Careem stated that it was culling its Careem Bus and was forced into laying off employees while Uber, its parent company is still running the Uber Bus in Cairo. While both Careem and Uber have announced layoffs, Swvl is still hiring even during the pandemic.
This lends credence to the fact that Swvl is looking to expand once the situation improves.