Dubai’s Swvl completes $35.5m pre-funding to accelerate growth

Dubai’s Swvl completes $35.5m pre-funding to accelerate growth

Swvl, a Dubai-based provider of transformative mass transit and shared mobility solutions has completed the pre-funding of $35.5m of the aggregate PIPE subscription. Several investors, including Agility and Chimera Abu Dhabi, have pre-funded the transaction. The subscription is being raised in connection with Swvl’s proposed business combination with Queens Gambit Growth Capital. Swvl is executing a growth strategy to realise approximately $1bn of annual gross revenue and expand to more than 30 cities in more than 20 countries by 2025. The proceeds are aimed to accelerate the expansion and further Swvl’s investment in its proprietary technology platform, a statement said. The investors that pre-funded the PIPE have purchased exchangeable notes of Swvl, according to the subscription agreements. At the closing of Swvl’s business combination with Queen’s Gambit Growth Capital, each exchangeable note will be automatically exchanged for shares of the combined company at an exchange price of $8.50 per share. Upon the issuance of the exchangeable notes, the amount of each note investor’s subscription in the PIPE was reduced by the purchase price of such investor’s exchangeable note. Mostafa Kandil, Swvl founder and CEO, said: “We greatly appreciate that many highly regarded global investors have clear confidence in our growth