Tuesday, May 28, 2024

Egypt’s startup, Swvl, expands to Switzerland. 2 other stories and a trivia

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This line-up of stories will help you discover the latest happenings around the tech world, today

1. Egypt’s startup, Swvl, expands to Switzerland

An Egypt-based mobility startup, Swvl, has announced the expansion of its clean mobility services to Switzerland.

The expansion followed Swvl expansion into the Turkish market.

Youssef Salem, CFO of Swvl, confirmed the new development in a press statement on Thursday.

Ripples Nigeria gathered that Swvl launched operations under the brand name, ​​my Bux.

Earlier, Swvl had announced closing a US$21.5 million private investment.

“We believe that the profitability of both the direct to consumer and enterprise segments in these countries demonstrates our ability to continue to grow, enhance margins, and realize synergies across Swvl’s fully organic and inorganic portfolio,” said Salem.

The startup operates across 115 cities in 18 countries.

Tech Trivia: The Internet’s primary high-bandwidth data paths comprise what?
A. A netmask
B. The Internet backbone
C. A web portal
D. The domain name system
Answer: see end of post

2. Egypt’s SaaS startup Glamera, secures $1.3 million Seed round RAI

Beryl TV images-1-1 Egypt's startup, Swvl, expands to Switzerland. 2 other stories and a trivia Technology

An Egyptian SaaS startup, Glamera, has secured a Seed round of $1.3 million, led by Riyadh Angels Investors (RAI).

Mohamed Hassan, Founder, and CEO confirmed the new raiser in a media release on Thursday.

Read also:African startups to benefit from Seedstars’ $20m investment. 2 other stories and a trivia

Ripples Nigeria gathered that the round also saw participation from Techstars Accelerator, Ithraa Venture Capital, 100 Ventures, Silicon Valley Venture “Lucrative Ventures”, and Super Angel Investors.

Playing in the fashion industry, the startup claims it provides a B2B2C marketplace where consumers find such providers and book sessions with them.

Commenting on the raiser and intent, Hassan said:

“We have successfully validated the market need, and now we can confidently work towards leading the market with our fully integrated solutions and play part in the Saudi digital transformation vision 2030.”

Ripples Nigeria gathered that the SaaS startup originated from Egypt and since relocated to Saudi Arabia.

3. Seoul-based fintech startup, KCD, secures a $24.7 million Series D extension.

Beryl TV images-2 Egypt's startup, Swvl, expands to Switzerland. 2 other stories and a trivia Technology

A Korean fintech startup Korea Credit Data (KCD) has announced securing $24.7 million in Series D extension financing.

LG U+ CEO Hwang Hyeon-sik confirmed the new funding in a statement on Thursday.

The startup claims it addresses small merchants’ pain points by providing digital financial services,

Ripples Nigeria gathered that the latest financing values the company at approximately $776 million (1.1 trillion KRW).

Fiserv and LG Uplus, a telco unit of LG Corporation also participated in the extension round.

“Through the equity investment in KCD and the business agreement, we are now able to offer more differentiated products and services for SOHO [small office/home office] clients,” said Hyeon-sik.

KCD was founded by Kelvin Dongho Kim in 2016.

Trivia Answer: Backbone

Just like the human backbone carries signals to many smaller nerves in the body, a network backbone carries data to smaller lines of transmission.

A local backbone refers to the main network lines that connect several local area networks (LANs).

By Kayode Hamsat

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