Egyptian app-based mass transit system Swvl has raised a US$42 million Series B-2 round for further expansion, taking its total raised funding to over US$80 million.
Swvl, a mass-transit system that enables riders heading in the same direction to share a ride in a van or bus, raised its Series B round, worth tens of millions of dollars, in November of last year, having also secured an US$8 million Series A round earlier in 2018.
Its latest round of investment is the largest ever secured by an Egyptian tech startup, beating its own record, and is co-led by Vostok Ventures and BECO Capital. Also participating are Arzan VC, Autotech, Blustone, Endeavor Catalyst, MSA, OTF Jasoor Ventures, Sawari Ventures, and Property Finder chief executive officer (CEO) Michael Lahyani.
The funding will see Swvl continue to solidify its position as a leader in building tech-enabled public transportation. It already facilitates hundreds of thousands of rides each month, serving tens of thousands of customers on its network of more than 200 routes in Cairo and Alexandria in Egypt, and Nairobi in Kenya. Other African launches are planned, while Swvl is also launching an R&D facility in Berlin, Germany.