Swvl completes PIPE's $35.5m pre-funding to support growth strategy

Swvl completes PIPE's $35.5m pre-funding to support growth strategy

Dubai-based Swvl Inc. has announced the completion of the $35.5 million pre-funding of the aggregate private investment in public equity (PIPE) subscription secured in connection with the company's proposed business combination with Queens Gambit Growth Capital. The pre-funding has been completed by several investors, including and Chimera Abu Dhabi, according to a recent press release. The proceeds of the pre-funding transaction are forecast to boost Swvl's expansion strategy and promote its investments in its proprietary technology platform. Swvl seeks to generate around $1 billion of annual gross revenue and expand to over 30 cities across more than 20 countries by 2025. The investors in the PIPE subscription have bought exchangeable notes of Swvl, each of which will be automatically exchanged for shares of the combined company at an exchange price of $8.50 per share upon the closing of Swvl's business combination. said: The commented: It is noteworthy to mention that in July 2021, , which will result in Swvl being listed on Nasdaq.