SWVL raises $35.5 million pre-funding to push growth strategy

Web DeskWeb Editor

30th Aug, 2021. 11:40 am

DUBAI: Swvl Inc, a Dubai-based provider of transformative mass transit and shared mobility solutions, has announced that several investors, including Agility and Chimera Abu Dhabi, have completed the pre-funding of $35.5 million of the aggregate PIPE subscription raised in connection with the company’s proposed business combination with Queens’ Gambit Growth Capital, Arab News reported.

Swvl is executing a comprehensive growth strategy with the goal of realising approximately $1 billion of annual gross revenue and expansion to more than 30 cities in more than 20 countries by 2025.

The proceeds raised through the pre-funding transaction are expected to accelerate those expansion efforts and to further Swvl’s investment in its proprietary technology platform.

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