Meet Mostafa Kandil Founder & Ceo of Swvl
SWVL, the premium app-based mass transit system disrupting commuting in the MENA region, announced a USD8 million Series A led by regional venture fund BECO Capital, alongside Africa-based investor DiGAME Investment Company and global VC fund Silicon Badia. Raed Ventures, Arzan VC, Oman Technology Fund, and chairman of EDventure Holdings Esther Dyson, also participated in the round, which is Egypt’s largest Series A as of yet. The round comes as both primary and secondary.
According to Mostafa Kandil, co-founder and CEO of Swvl, “the USD 8m round is the biggest round of funding for a tech startup in Egypt and one of the biggest rounds in the Middle East. With the funding, Swvl will solidify its position in Egypt and establish the company as a global leader in the affordable smart mobility space, offering fixed routes for a fixed flat fare at prices that are up to 80% cheaper than on-demand ride-hailing services.”
We’re trying to build our own version of public transportation, that’s smarter basically,” Kandil, who’s now 25 and earned a spot on Forbes Middle East’s 30 under 30 ranking, along with Nouh and Sabbah his co-founders.