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Home News & Trends

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

Ahmed Maher by Ahmed Maher
July 18, 2017
in News & Trends, Startups
Reading Time: 1 min read
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Careem Invests $500,000 Stake in 'SWVL' Egyptian Transportation Startup, Careem Invests $500,000 Stake in Egyaptian Transportation Startup SWVL
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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.

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Ahmed Maher

Ahmed Maher

Ahmed Maher is a marketing and growth leader with a proven track record across telecom, fintech, publishing, charity, government, e-commerce, and sports. He launched Vodafone Egypt’s digital and social media presence in 2008, setting new standards for brand engagement and performance marketing in the region. As the founder of Digital Boom, Ahmed has helped shape the voice of digital media in the Arab world. He brings a rare blend of creative vision and data-driven thinking, using digital tools and storytelling to drive measurable impact and scalable growth.

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