Initial investor group includes Aramco venture Wa'ed, the Future Investment Initiative Institute and KAUST from Saudi Arabia, and Global Ventures of the UAE.
Mubadala Investment Company leads Sarwa’s Series B round, joined by other investors including 500 Startups, KIPCO, Shorooq Partners, MEVP, DIFC, Hambro Perks Oryx Fund, HALA Venture and Vision Ventures.
The funding round is led by Global Founders Capital and STV with participation from Delivery Hero, CCVA and existing investors.
The startup has already received Innovation Testing License from DFSA and Fintech License from AIFC.
Plug and Play is one of the most active VC firms globally with over 250 investments per year across 18 industries.
Swvl’s gross revenues and markets have grown rapidly, with more than 1.4 million riders booking more than 46 million rides to date with thousands of drivers on Swvl’s platform.