Why Queen’s Gambit Plans to Take This Transport Startup Public in a $1.5 Billion Blank Check Deal
Photo Credit: In an image from before the pandemic, a passenger rides in a Swvl vehicle on a route in a Middle Eastern country. Source: Swvl. Swvl
Skift Take
Investing in the "last mile" of travel can help on a few fronts, such as climate protection, gender equality, and economic development, according to Victoria Grace, founder of blank check firm Queen's Gambit. Makes sense on several levels.
Victoria Grace views the bus-hailing app Swvl as more than just her first billion-dollar deal. Grace, the CEO of blank check company Queen's Gambit Growth Capital, believes Swvl takes advantage of trends that present broader opportunities for investors in the travel sector.
"We understand the power of new marketplaces once the flywheel gets going, but Queen's Gambit also has an ESG [Environmental, Social, and Governance] mandate," Grace said. "We have all women around the table, and we see Swvl as being a catalyst for social good in travel in emerging markets."
Queen's Gambit, a special purpose acquisition company, or SPAC, plans to merge with Swvl. The combination would enable the Dubai-headquartered startup to list on the Nasdaq stock exchange at a fully diluted equity value of $1.5 billion. The listing is promised sometime before January
