June 26, 2019
Cairo-based transportation startup Swvl, Inc. (Swvl) has raised US$42 million in Series D Preferred Stock financing. The round was co-led by Swedish VC Vostok Ventures and Dubai-based BECO Capital, with China’s MSA and US-based Endeavor Catalyst.
Swvl is an Egypt-based mass transit system that provides buses to every neighborhood in Cairo. It allows people to share a ride in a van or bus during morning and evening commutes for a fixed fare with no surge pricing.
Latham & Watkins LLP advised Swvl in the transaction, with a team led by Dubai counsel Eyad Latif and Dubai associate Omar Maayeh.