(MENAFN) Egypt- based mass transportation app Swvl has raised an USD8 million from the biggest Series A round of funding for a tech startup in the North African nation.
The investment round was led by Dubai-based BECO Capital, Abu Dhabi-based DiGAME Investment Company, and global venture capital firm Silicon Badia, Egyptian streets reported.
The Egyptian startup had previously closed a USD500, 000 round from Dubai-based ride-hailing app Careem.
"The USD8 million round is the biggest round of funding for a tech startup in Egypt and one of the biggest rounds in the Middle East. We"re now better able to create a far more perceptible improvement to Egyptian commuters' daily lives," co-founder and CEO of Swvl Mostafa Kandil commented.
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