Careem has announced its investment of $500,000 in a bus transportation network called Swvl, which is created by former Careem market launcher, Mostafa Kandil.
The investment will be used in expanding Swvl to new cities and markets, and as well to introduce people to its new product features within its app, which include a new payment option. Additionally, Careem’s Chief Experience Officer and Co-founder, Magnus Olsson is joining Swvl’s Board of Directors.
“Swvl and Careem share a similar mission in that we both wish to solve the transportation challenges facing the MENASA region,” Olsson comments.
Swvl was founded in March 2017 by Kandil and his two co-founders Mahmoud Nouh and Ahmed Sabbah. The service aims to provide a convenient and affordable method of public transportation to Egypt and other upcoming markets.
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