Victoria Grace, Lone Fønss Schrøder and Esther Dyson will bring extensive financial, technology, and automotive experience, along with deep global networks
Company leadership to reflect diversity of stakeholder base, including employees and customersESG principles core to Swvl’s mission of empowering underserved communities through tech- enabled mass transit solutionsDUBAI, UAE – August 5, 2021 – Swvl Inc. (“Swvl” or the “Company”), a Dubai-based provider of transformative mass transit and shared mobility solutions, today announced that upon the completion of its proposed business combination with Queen’s Gambit Growth Capital (“Queen’s Gambit”) (NASDAQ: GMBT), the combined public company will appoint three highly experienced women and technology leaders to its Board of Directors:
Swvl is a mission-driven company focused on empowering underserved populations in emerging markets, particularly women, to achieve greater social and economic equity with tech- enabled mass transit solutions that are reliable, convenient, safe and affordable. With these future appointments, Swvl has made clear its commitment to ensuring the Company’s leadership reflects the same diversity as its users and growing employee base, which is currently comprised of 22 nationalities, as it continues to transform the $1 trillion global mass transit market.Mostafa Kandil, Swvl Founder and CEO, said, “We look forward to welcoming Victoria and Lone to our Board, along with Esther, one of our early investors. Each of these highly accomplished women will provide a unique lens, deep financial and operational experience and global networks that will be instrumental in realizing our next phase of growth. With strategic guidance from our Board, I am confident that we will create even greater value for all stakeholders moving forward.”Mr. Kandil continued, “The reception that Swvl has received following its announced business combination with Queen’s Gambit has been truly humbling and remarkable. We look forward to updating the investment community, and all stakeholders, on the many exciting financial, operational and ESG developments underway as we continue to execute on our mission to change the paradigm of mass transit on a global scale.”On July 28, 2021, Swvl announced a $1.5bn business combination with Queen’s Gambit. Following the closing of the transaction, which is expected to occur in the fourth calendar quarter of 2021, Swvl will become the first $1bn+ unicorn from the Middle East to list on Nasdaq and the only tech-enabled mass transit solutions company to list on any exchange. Swvl will also form an advisory committee, including two members of Queen’s Gambit, to focus on fostering continued diversity and inclusion as a public company.
Swvl is a global tech startup based in Dubai that provides a semi-private alternative to public transportation for individuals who cannot afford or access private options. The Company has built a parallel mass transit system offering intercity, intracity, B2B and B2G transportation in 10 megacities across Africa, Asia, and the Middle East. Swvl’s tech-enabled offerings make mobility safer, more efficient and environmentally friendly, while still ensuring that it is accessible and affordable for everyone. Customers can book their rides on an easy-to-use app with varied payment options and access high-quality private buses and vans that operate according to fixed routes, stations, times, and prices.Swvl was co-founded by Mostafa Kandil, who began his career at Rocket Internet, where he launched the car sales platform Carmudi in the Philippines, which became the largest car classifieds company in the country in just six months. He then served as Rocket Internet’s Head of Operations. In 2016, Kandil joined Careem, a ride-sharing company and the first unicorn in the Middle East. He supported the platform’s expansion into multiple new markets. Careem is now a subsidiary of Uber, based in Dubai, with operations across