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:
- Victoria Grace, Queen’s Gambit Founder & Chief Executive Officer;
- Lone Fønss Schrøder, a tenured leader of innovative logistics and technology-driven companies, including Vice Chair of the Board of Directors of Volvo Cars; and
- Esther Dyson, a leading angel investor focused on technology and other core sectors, with notable investments including 23andMe, Evernote, Flickr and Square.
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.
About Victoria Grace
- Trailblazing Founder and Chief Executive Officer of Queen’s Gambit Growth Capital, the first entirely female-led SPAC.
- Founder and Managing Partner of Colle Capital.
- A leading voice in the venture industry, focused on promoting data-driven management, founder diversity and ESG.
- Over 40% of Colle’s portfolio companies have diverse management teams.
- Formerly a Board Director at Hyliion and Doctor.com (acquired by Press Ganey), and currently on the boards of several Colle portfolio companies.
- Prior to founding Colle Capital, served as a Partner at Wall Street Technology Partners and before that as a Director of Dresdner Kleinwort Wasserstein’s Private Equity Group.
- Co-founded Work It, Mom!
About Lone Fønss Schrøder
- Tenured leader of innovative logistics and technology-driven companies.
- Currently Chief Executive Officer of blockchain technology company Concordium AG.
- Vice Chair of the Board of Directors of Volvo Cars.
- Board member of Ikea.
- Areas of expertise include digital transformation, new business models, corporate strategy, bank and capital markets, sustainability and blockchain technology.
- Holds governance positions across companies such as Aker Holdings ASA, AKSO ASA, and INGKA Holding BV.
- Began her career at A.P. Moller Maersk A/S, where she worked for more than 20 years and held several senior positions.
- Has served as Director in various large corporations (elected) Handelsbanken, Schneider, Valmet, Yara, Vattenfall.
- Served as President and CEO of Wallenius Lines (2005 to 2010), a leading provider of global factory to dealer transport solutions for, among others, the automotive industry.
About Esther Dyson
- Executive founder of Wellville, a 10-year project (2015-2024) focused on increasing health and equity in five US communities.
- Accomplished investor, journalist, author, commentator, and philanthropist.
- Angel investor focused on health, insurance, open government, digital technology, biotechnology, logistics, and aerospace.
- Early investor in Swvl and other notable startups including 23andMe (former board member), Evernote (former board member), Flickr, Ilara Health, Meetup (former board member), Omada Health, ProofPilot, Square, WPP Group (former board member) and Yandex (board member).
- Founding Chair of ICANN (Internet Corporation for Assigned Names and Numbers) from 1998 to 2000. On the boards of the Long Now Foundation, Open Corporates, and The Commons Project.
- Author of bestselling, widely translated 1996 book “Release 2.0: A Design for Living in the Digital Age.”
About Swvl
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 100 cities and 15 countries.
