RIYADH: Dubai-based ride-sharing service provider Swvl raised $8 million in a Series A round following its debut on the US Nasdaq Stock Exchange last week.
“The $8 million round is the biggest round of funding for a tech start up in Egypt and one of the biggest rounds in the Middle East,” Nile FM reported citing Mostafa Kandil, CEO of Swvl.
This latest round of funding was led by regional venture fund BECO Capital, Africa-based investor DiGAME and global VC fund Silicon Badia.
The firm launched on the US bourse through a merger of its Special Purpose Acquisition Company, Queen’s Gambit Growth Capital.
Swvl will be offering a share ranging between 20-30 percent of the company’s total shares, Wamda reported.
It aims to expand its global footprint to several countries including the US, Colombia, Mexico, UK and South Africa.
With this initial public offering, the Dubai-based company will become the second Middle Easter unicorn startup to list on the US bourse, after music streaming platform Anghami’s debut in February this year.
Founded in 2017, Swvl currently operates in 16 countries including Saudi Arabia, Egypt, UAE, Kenya, Pakistan, and Jordan.