Careem Invests $500,000 Stake in Egyptian Transportation Startup SWVL

Careem Invests $500,000 Stake in Egyaptian Transportation Startup SWVL

Entrepreneurial spirit is still alive and well in Egypt, as Careem invests $500,000 stake in former employee’s transportation startup SWVL.

Mostafa Kandil, former employee of Careem, a ridesharing mega-startup, is now launching his innovative addition to the thriving transportation industry in Egypt, and hopefully beyond. Swvl, Kandil’s new platform, allows users to connect with an exclusive network of luxury buses from existing bus stops, making it easy to use and proving a different service from the already available ride sharing apps which have recently become so popular.

Kandil’s previous employer, Careem, are now investing $500,000 into his startup business, and he will be working in partnership with Magnus Olsson, Careem’s co-founder and Chief Experience Officer, who will take a seat on the Swvl Board of Directors. This is a hugely significant move from Careem, which is currently in competition with other ridesharing companies, such as UBER, as Careem has never before invested in an outside company.

Olsson stated that Swvl not be absorbed by the larger company, as:

“We want them to run and learn and develop at a very high pace and high agility and we believe the best way for them to do that is to stay independent.”

Swvl, with its unique platform, will look to expand its range throughout Egypt and beyond and looks to provide stiff competition for the likes of UBER, with over 50,000 users already signing up. Mostafa Kandil only left his job at Careem in February, to focus on his new career as an entrepreneur, and his current success shows just how far a good idea can go.