The Almajdouie and Careem-backed bus booking service will use the proceeds from the round, which took its total funding to $80m, to expand further into Africa.
Swvl, an Egypt-based on-demand public transportation provider backed by conglomerate Almajdouie and on-demand ride platform Careem, has raised $42m to increase its overall funding to $80m, Menabytes has reported.
Venture capital firms Vostok Ventures and Beco Capital co-led the round, which also featured MSA, Endeavor Catalyst, Jasoor Ventures, Sawari Ventures, Arzan Venture Capital, Blustone, San Autotech Ventures and private investor Michael Lahyani.
Founded in 2017, Swvl operators a mobile app that enables users to find, book and pay for seats…
