EBRD to support Swvls expansion with $10mln

ArabFinance: The European Bank of Reconstruction and Development (EBRD) announced the signing of a subscription agreement to invest $10 million in Pivotal Holdings Group, a 100%-owned subsidiary of Swvl Inc, according to a press release.

The signed agreement will help in building on Swvl’s solid focus on the safety of women in shared mobility, including safety features such as digital emergency buttons and a one-seat-per-passenger policy.

This investment is expected to bolster the development of Swvl’s technology and expansion.

The agreement is subject to customary closing conditions, the completion of Swvl’s business merger with Queen’s Gambit Growth, and the signing of an investment framework agreement to meet certain EBRD institutional requirements.

These requirements include environmental and social policies and practices and compliance matters.

“The EBRD’s investment will close substantially concurrently with the closing of the business combination between Queen’s Gambit Growth Capital and Swvl," EBRD said.

Swvl is projected to be the first technology unicorn in the Middle East to list be listed on Nasdaq, with an initial valuation estimated at around $1.5 billion.

Last week, Swvl announced that it made deals for an additional $21.5 million of common stock in private investment in public equity (PIPE) with more new flagship investors, including EBRD.

On February 1^st, Swvl’s CFO told revealed that the company is getting ready to list 35% of its shares on the Nasdaq Stock Market after merging with Queen's Gambit Growth Capital in February or March.

In July 2021, Swvl announced it signed the final deal to merge with Queen’s Gambit Growth Capital in a deal estimated at a value of $1.5 billion.

Founded in 2017, SWVL is an Egyptian on-demand bus-hailing company based in Dubai that offers intra and intercity travel options, along with B2B partnerships with public and private institutions aimed at transporting students and employees.