(Ecofin Agency) - Egypt’s bus booking firm Swvl raises $42 million from a consortium made of local and institutional investors to finance its expansion across the continent.
Investors include venture-capital firms such as Dubai-based BECO Capital, Sweden-based Vostok New Ventures Ltd, and US Endeavor Catalyst. “The plan is to be in at least two or three more African cities by the end of the year. Lagos, Nigeria, is most likely the next marke, ” Said co-founder Mostafa Kandil.
The expansion of Swvl is expected to increase competition on a market controlled by companies such as US Uber, which recently bought its competitor in the Middle East and North Africa, Careem. The African transport market is also operated by Estonian transport company Taxify, which has expansion plans in East Africa.