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Egypt Bus-App Swvl Raises $42 Million for African Expansion

  • Swvl, an app for booking buses, wants to move into Nigeria
  • Founder Kandil says company tapping demand from middle class
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Swvl, an Egyptian app for booking buses, has raised $42 million as it looks to expand into other parts of Africa, including Nigeria.

The two-year-old company, which started in Cairo and also operates in Alexandria and Nairobi in Kenya, got the money from venture-capital firms including Sweden’s Vostok, Dubai-based BECO Capital, China’s MSA and Endeavor Catalyst, based in New York.