Dubai’s Swvl boosts PIPE proceeds with new $21.5mn funding

Dubai’s Swvl boosts PIPE proceeds with new $21.5mn funding

Swvl, Dubai-based provider of transformative mass transit and tech-enabled shared mobility solutions, has secured additional private placement (PIPE) investments in line with its proposed business combination with Queen’s Gambit Growth Capital (Queen’s Gambit), a blank cheque company.

The company has entered into agreements for an additional $21.5 million of common stock in a PIPE with additional new flagship investors including the European Bank for Reconstruction and Development (EBRD). These institutions join a distinguished group of global strategic and financial investors providing fully committed PIPE financing for the transaction, including Agility, Luxor Capital Group, Chimera, and Zain.

Mostafa Kandil

Co-Founder & CEO

Swvl “Armed with additional funding certainty, we are confident in Swvl’s ability to bring its transformative technology and services to new markets, in turn transforming a $1 trillion global mass transit industry that is sorely in need of effective solutions. We look forward to completing the business combination, entering the public market, and continuing to create tremendous value for all stakeholders.”

Commenting on the new investments, Mr. Youssef Salem, CFO of Swvl, said, “We greatly appreciate that many highly regarded global investors including EBRD have clear confidence in our growth strategy. With this additional infusion of growth capital, we expect to be even better