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Swvl Holdings Corp has agreed a $13 million private placement led by Coefficient LP, the Houston-based investment firm backed by Egypt's Sawiris family, giving the Nasdaq-listed mass-transit company fresh capital for a US expansion four months after it resolved its latest listing deficiency.
Coefficient will invest $10 million and become Swvl's largest institutional shareholder, with an existing shareholder adding $3 million. Swvl will issue roughly 9 million Class A shares at $1.446 each, priced at the market under Nasdaq rules, in a deal expected to close Aug. 27. Coefficient founder and managing partner Abdalla Ali will join the board.
The round marks a turn for one of MENA's most closely watched public-market casualties. Swvl went public in March 2022 via the Queen's Gambit SPAC at roughly $1.5 billion, then cut 32 percent of staff within months, exited markets and unwound acquisitions. Bringing the Sawiris family onto the register is a credibility signal for a company that has spent four years shrinking.
Swvl reported its first annual profit in 2025 net income of $1.3 million against a $10.3 million loss the prior year on revenue up 41 percent to $24.2 million, with GCC revenue more than doubling to $8 million. First-quarter 2026 revenue rose 68 percent to $8.2 million; recurring revenue was 88 percent of the total, net dollar retention 114 percent, and the operating loss narrowed to $170,000 from $590,000.
Nasdaq notified the company in October 2025 that it had fallen below continued listing requirements. Swvl regained compliance in April after reporting stockholders' equity of $2.9 million.
Proceeds are earmarked for US operations, which Swvl recently began, a new lending product for transport operators in its network, and balance-sheet strengthening. The business today is far narrower than in 2022, centred on technology-enabled transport contracts for enterprises and governments in Egypt and the Gulf, with the UK and US recently added.
Founder and chief executive Mostafa Kandil said on LinkedIn he had discussed working with Coefficient backer Onsi Sawiris and Ali for years. "Finally the time has come," he wrote.
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