Swvl, the mass transit platform operating across 115 cities in 18 countries, has secured $13.0M in new funding from Coefficient LP, a fresh injection of capital that comes as the company prepares for a Nasdaq listing through its planned merger with Queen’s Gambit Growth Capital.
The Dubai-based company, which provides tech-enabled bus and shuttle services across emerging markets, has grown rapidly since its founding, with annual gross revenue up 430% over the past four years. More than 2 million riders have booked over 75 million rides on its platform, and the company recently expanded into Europe and Latin America through acquisitions of Shotl and Viapool. The new funding adds to an upsized $122.5M PIPE already pre-funded in part to accelerate growth, with Swvl positioning itself as the first mass transit solutions company to list on any exchange.
