RIYADH: Swvl said it received gross proceeds of $164.6 million after combining its business with with Queen’s Gambit Growth Capital.
Dubai-based ride-sharing service provider Swvl will have access to additional capital via an additional PIPE commitment of $10.0 million, which it expects to close in the second quarter of 2022, and a $471.9 million equity financing facility, it said on March 31.
“Completing our business combination with Queen’s Gambit is a tremendous milestone for Swvl and for sustainable mass transit globally. Mobility and the empowerment that comes with it should be a fundamental right for all,“ Mostafa Kandil, Swvl Founder and CEO, said in a statement.
“As a public company, we plan to build on Swvl’s exponential growth to date and proprietary tech-enabled platform, ensuring that underserved populations have access to solutions that are safe, convenient and affordable. In turn, we will leverage our best-in-class team, established partnerships and proprietary tech stack with differentiated solutions,” he added.
Swvl marked its debut on the US Nasdaq Stock Exchange in March.
The firm launched on the US bourse through a merger of its Special Purpose Acquisition Company, Queen’s Gambit Growth Capital, which is founded and led entirely by women.
Swvl aims to expand its global footprint to several countries including the US, Colombia, Mexico, UK and South Africa.
With this initial public offering, the Dubai-based company will become the second Middle Eastern unicorn startup to list on the US bourse, after music streaming platform Anghami’s debut in February this year.
Founded in 2017, Swvl currently operates in 16 countries including Saudi Arabia, Egypt, UAE, Kenya, Pakistan, and Jordan. In 2018, it got $8 million in series A funding round.
(Story is corrected to reflect that the $8 million funding was prior to the Nasdaq listing)
