Swvl, the Egyptian on-demand bus-hailing firm, has secured a $10m investment from The European Bank of Reconstruction and Development (EBRD) to support the expansion of bus transportation in Egypt, boosting its quality and improving access to transport for women.
The Bank signed a subscription agreement to fund Pivotal Holdings Corp, a wholly owned subsidiary of Swvl Inc. The EBRD’s investment will close when the forthcoming merger between Queen’s Gambit Growth Capital and Swvl comes into effect.
The investment is subject to customary closing conditions, the completion of the business merger and the signing of an investment framework agreement to meet certain EBRD institutional requirements, including on environmental and social policies and practices and compliance matters.
Swvl is a disruptive and innovative technology provider, offering a new transport solution that is set to have a significant impact on urban transport in Egypt. It offers seats on minibuses, which passengers can book on Swvl’s proprietary phone app. The startup was founded in 2017 by Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh.
The Bank’s investment is expected to support technological development, corporate expansion and the rollout of Swvl’s services in Egypt, the company’s most important market.
By collaborating with Swvl and capitalising on its high-quality services, the Bank expects to help build on the company’s strong focus on women’s safety in shared mobility. This already includes safety features such as digital emergency buttons and a one-seat-per-passenger policy.
Swvl is a provider of transformative mass transit and shared mobility solutions. It was founded in Egypt and subsequently moved its headquarters to Dubai as part of its global expansion.
