Zain Ventures, the recently launched venture capital subsidiary of Zain Group, has concluded its first two investments in Dubai-headquartered mobility and transport firm Swvl and fintech startup Pipe.
Zain Group is unarguably the largest player in the telecommunication industry in Kuwait, and the firm has announced that it is pleased with the first set of deals, with CEO and Vice Chairman Bader Al Kharafi stating that the group is “excited and confident that Zain Ventures’ first investments in fast-growing and world-leading entities in their respective industries, Pipe and Swvl, will be value-accretive to all parties.”
Zain Ventures which is listed on Boursa Kuwait, the country’s exchange market, will prioritize investing in innovative and fast-growing digital solutions and startups.
Zain ventures are participating in a US$100 million deal which is part of Swvl’s SPAC merger plans. Launched in 2017, Swvl is the Uber of the public transport system in 10 cities across Egypt Kenya, Pakistan, the UAE, Saudi Arabia, and Jordan. It allows passengers to book their seats and pay for their rides via a mobile app.
Zain Ventures is also investing in Pipe a fintech that raised US$150 million at a US$2bn valuation earlier in 2021. The firm serves 4,000 firms on its trading platform which serves as a marketplace that connects investors to tech firms and facilitates deals and contracts.
“Pipe is a start-up that is rewriting the rule book on FinTech development,” said Mr. Hammoud. “We believe Pipe offers an incredible opportunity for capital appreciation and revenue growth and we look forward to participating in its continuing expansion as more clients are added to the platform.”
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