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Careem invests $500,000 in Egyptian startup Swvl

Careem invests $500,000 in Egyptian startup Swvl
Careem’s investment in Swvl is not the Emirati company’s first investment in the in public transportation sector

Dubai – Mubasher: Careem, the ride-hailing service firm in the MENA region, on Monday announced investing in Cairo-based bus transportation network startup Swvl.

Dubai-based Careem’s $500,000 investment in Egypt’s Swvl is a substantial step to expand into new cities across Egypt, Careem said in a statement.

“Swvl and Careem share a similar mission in that we both wish to solve the transportation challenges facing the MENASA region,” Magnus Olsson, chief experience officer and co-founder at Careem said.

Careem’s investment in Swvl is not the Emirati company’s first investment in the in public transportation sector, as Careem announced a partnership with NEXT Future Transportation to bring driverless transportation solutions to the MENASA region in July 2016.

“Our investment in Swvl is a clear bet on the value we believe Swvl will bring to the Egyptian people and further fulfills our promise to be a source of inspiration to local start-ups,” Olsson highlighted.

In July 2016, Careem announced a $100 million investment by opening research and development centers in Germany and Egypt focusing on developing the transportation-related technology infrastructure in the region.

“With Swvl, we intend to fully re-engineer and re-model public transportation, not only in Egypt, but across the region,” Swvl co-founder and chief hustler  Mostafa Kandil said.