The European Bank for Reconstruction and Development (EBRD) says it will invest US$ 10 million in Pivotal Holdings Corp, a wholly-owned subsidiary of Swvl Holdings Corp, an Egyptian ride-hailing startup.
The funds are aimed at improving access to transport for women. Additionally, the Bank expects to work in partnership with Swvl to advance certain measures relating to its environmental, social and compliance policies.
“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.
“As a disruptive, asset light technology platform, Swvl has the potential to bring enormous efficiencies to shared road transportation, at scale, to both individuals (through its proprietary app) and businesses (through its software platform).”
The on-demand bus-hailing company also plans to list 35 per cent of its shares on the Nasdaq Stock Market after merging with Queen’s Gambit Growth Capital.
Founded in 2017, SWVL offers intra and intercity travel options, along with B2B partnerships with public and private institutions aimed at transporting students and employees.
Swvl operates across 10 cities in Egypt, Kenya, Pakistan, the United Arab Emirates (UAE), Saudi Arabia and Jordan.
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