6 years ago
Swvl Secures $42 Million to Expand Bus Booking Service Across Africa
Swvl, an Egyptian app for booking buses, has raised $42 million from venture capital firms including Sweden’s Vostok, Dubai-based BECO Capital, China’s MSA and Endeavor Catalyst, based in New York
The funding will be used to expand Swvl's operations to other parts of Africa, including Nigeria
Swvl carries hundreds of thousands of customers each month and aims to be in at least two or three more African cities by the end of the year
The company targets the middle and upper-middle class, offering a more convenient and reliable transportation option than public buses.
ProblemTransportation
"In emerging markets, public buses are often unreliable and dangerous, and taxis are expensive. This leaves a gap in the market for affordable, convenient transportation for the middle and upper-middle class."
Solution
"Swvl is a mobile app that allows users to book bus rides at a lower cost than taxis, but with more convenience and reliability than public buses."