Swvl secures $13M investment led by Sawiris-backed Coefficient as it targets US expansion

Swvl has agreed a $13 million private placement led by Coefficient LP, the Houston-based investment firm backed by Egypt’s Sawiris family.

Coefficient will invest $10 million and become Swvl’s largest institutional shareholder, while an existing shareholder will invest a further $3 million.

Swvl will issue about 9 million Class A shares at $1.446 each, priced at the market under Nasdaq rules, with the transaction expected to close on August 27. Coefficient founder and managing partner Abdalla Ali will join Swvl’s board.

The company plans to use the proceeds to support its expansion in the US, where it has recently begun operating, as well as launch a lending product for transport operators in its network and add capital to its balance sheet.

Founder and chief executive Mostafa Kandil said on LinkedIn that he had been discussing working with Coefficient backer Onsi Sawiris and Ali for years. “Finally the time has come,” he wrote.

Founded in Cairo in 2017, Swvl listed on Nasdaq through a merger with the Queen’s Gambit SPAC in March 2022 at a valuation of about $1.5 billion. The transaction included a $121.5 million PIPE backed by investors including Agility, Chimera and the EBRD.

The company expanded rapidly around the listing, acquiring Shotl, ViaPool, Urbvan, door2door and Volt Lines across Europe and Latin America. Within months, pressure on its cash position led Swvl to cut its workforce by 32%, followed by further reductions, market exits and the unwinding or sale of several acquisitions.

Swvl also spent much of the period after its listing dealing with Nasdaq compliance issues. The latest notice came in October 2025, when the exchange said the company had fallen below continued listing requirements. Swvl regained compliance in April after reporting stockholders’ equity of $2.9 million.

Swvl reported its first annual profit in 2025, with net income of $1.3 million compared with a $10.3 million loss a year earlier. Revenue rose 41% to $24.2 million, while GCC revenue more than doubled to $8 million.

The business is now considerably narrower than the company that entered the public markets in 2022. Swvl has shifted towards technology-enabled transport contracts for enterprises and governments, with Egypt and the Gulf accounting for most of its business, while recently adding the UK and US to its footprint.

First-quarter revenue was $8.2 million, up 68% year on year, with GCC revenue up 111%. Recurring revenue accounted for 88% of the total, net dollar retention was 114% and dollar-pegged revenue reached 44%, while operating expenses fell to 23% of revenue. Its operating loss narrowed to $170,000 from $590,000 a year earlier.

The Coefficient investment gives Swvl fresh capital for its US expansion four years after its Nasdaq listing, while bringing the Sawiris family onto the shareholder register and Ali onto the board.