Swvl secures a $13M PIPE led by Sawiris-backed Coefficient LP

DUBAI — Swvl has secured a $13M private investment in public equity led by Coefficient LP, the Sawiris-family-backed vehicle, which put in $10M, with an existing shareholder adding $3M. Wamda reports Coefficient founder Abdalla Ali joins the board, and that the money funds US expansion and a lending product for transport operators. First-quarter revenue grew 68% to $8.2M, with GCC revenue up 111%.

A PIPE is a record on this desk because it is a dated capital event, and this one is worth reading. The region’s most scrutinised SPAC survivor is near breakeven and is now attracting Egyptian family-office money at the public-company level.

What it prices in: a post-SPAC comeback narrative, which the region has few of. Coefficient is buying into a listed company at a price the public market set, with a board seat attached, which is a different kind of Gulf venture cheque.

Will it work? The lending product is the interesting line. A transport marketplace that finances its own operators is the embedded-finance move, and Swvl has the operator relationships to try it. The US is the harder bet.

Source: Wamda