The European Bank for Reconstruction and Development (EBRD) has announced a $10 million investment in Egypt’s on-demand bus-hailing company Swvl.
The Bank said on Thursday the investment will help boost Swvl’s quality and improve access to transport for women. It signed a subscription agreement to invest the money in Pivotal Holdings Corp, a wholly owned subsidiary of Swvl Inc.
The EBRD’s investment will close substantially concurrently with the closing of the business combination between Queen’s Gambit Growth Capital and Swvl. The investment is subject to customary closing conditions, the completion of the business merger and the signing of an investment framework agreement to meet certain EBRD institutional requirements, including on environmental and social policies and practices and compliance matters,” according to the EBRD.
Swvl offers seats on minibuses, which passengers can book on Swvl’s proprietary phone app. The Bank’s investment is expected to support technological development, corporate expansion and the rollout of Swvl’s services in Egypt, the company’s most important market.
By collaborating with Swvl and capitalising on its high-quality services, the Bank says it expects to help build on the company’s strong focus on women’s safety in shared mobility. This already includes safety features such as digital emergency buttons and a one-seat-per-passenger policy.
Swvl is a provider of transformative mass transit and shared mobility solutions. It was founded in Egypt and subsequently moved its headquarters to Dubai as part of its global expansion.
The company is also expected to be the first technology unicorn of Middle Eastern origin to list on NASDAQ; its initial valuation is estimated at around US$1.5 billion.