SWVL raises $20 million in private placement

Oluwajuwonlo Afolabi -

SWVL, a UAE-based mobility startup has raised $20 million in funding in a private placement from US-based institutional investors for the sale of 12 million shares along with securities.

  • The private placement will take effect on Friday, the company claims.
  • The Series A warrants will expire five years from the date of issuance and the Series B warrants will expire two years from the date of issuance.
  • The startup went public through a special purpose acquisition company (SPAC) and has raised $264 million in funding since its launch.