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

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

Dubai-based transport provider Swvl has announced that several investors have completed the pre-funding of $35.5 million of subscriptions raised in connection with its proposed business combination with Queens Gambit Growth Capital.

Investors in the private investment in public equity (PIPE) subscriptions included Agility and Chimera Abu Dhabi, said Swvl which aims to realise $1 billion of annual gross revenue and expansion to more than 30 cities in more than 20 countries by 2025.

Acquisition will accelerate Swvl's entry into Europe a year ahead of schedule and will more than double its footprint in 10 additional countries

The proceeds raised through the pre-funding transaction are expected to accelerate those expansion efforts and to further Swvl’s investment in its proprietary technology platform, the company said in a statement.

Mostafa Kandil (pictured below), Swvl founder and CEO, said: "We greatly appreciate that many highly regarded global investors have clear confidence in our growth strategy. With this immediate infusion of growth capital, we are even better positioned to bring our transformative daily commuting, inter-city retail travel and TaaS offerings to new markets.

"Each and every day we are advancing our mission to reinvent the $1 trillion mass transit industry with tech-enabled solutions.”

Tarek Sultan, vice chairman of Agility, added: “We