SWVL began as a bus-hailing platform, offering a more reliable alternative to Egypt’s public and informal mass transport system. Over time, it evolved into a broader mobility infrastructure business, shifting focus to B2B and B2G offerings in the Gulf including corporate, school, and government fleet solutions.

We backed SWVL, drawn by their strong early traction, experienced team, and novel solution to the challenges of public transport in emerging markets. Co-founder and CEO Mostafa Kandil brought deep and relevant experience from his time at Careem, launching eight markets from scratch, including rolling out four cities in a single day with just two weeks of preparation.

The company was heavily impacted by COVID and, after listing on the Nasdaq through a de-SPAC in 2022 under the ticker SWVL, pivoted to their B2B and B2G model with stronger unit economics and predictable revenues.

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