Swvl - Announces $13 mln private placement led by Coefficient LP

Swvl, a global provider of tech-enabled mass transit solutions, has announced a $13 million private placement led by Coefficient LP, a new addition to its investor base. This funding round follows a series of strategic capital raises aimed at expansion across 115 cities. The investment is expected to further strengthen Swvl’s balance sheet and accelerate its growth initiatives, including integration of recently acquired companies.

The private placement is part of a broader capital-raising effort linked to Swvl’s business combination with Queen’s Gambit Growth Capital, a women-led special purpose acquisition company (SPAC). In February 2022, Swvl announced an upsized private investment in public equity (PIPE) of $121.5 million, which included participation from new flagship investors. The latest $13 million raise adds to this capital base, reinforcing investor confidence in Swvl.

Mostafa Kandil, Swvl’s founder and CEO, emphasized that the additional funding will support the company’s mission to provide affordable transportation solutions. The company has previously raised significant capital, including a $42 million Series B round in 2019, which largest-ever funding round for an Egyptian company at the time. Swvl’s continued ability to attract investment underscores the growing interest in high-impact entrepreneurship in the Middle East and North Africa (MENA) region.