Careem, a Dubai, UAE-based provider of a car service app, secured $60m in Series C funding.
The round was led by The Abraaj Group with participation from Al Tayyar, STC Ventures, Beco Capital, Impulse (a subsidiary of Kuwait Investment Authority), Lumia Capital and Wamda Capital.
The company intends to use the funds to accelerate market expansion and innovation in the car service across its core markets in MENA, Pakistan and the wider region.
Founded by Magnus Olsson and Mudassir Sheikha, both former consultants at McKinsey & Company, and Dr. Abdulla Elyas in 2012, Careem is an app-based car service that allows users to order chauffeur-driven cars on the apps and website, or by calling a call center.
It currently operates in 20 cities in the Middle East North Africa (MENA) region, including Abu Dhabi, Amman, Beirut, Cairo, Casablanca, Dhahran, Doha, Dubai, Jeddah, Dammam, Karachi, Kuwait, Khobar, Lahore, Makkah, Manama, Rabat, Riyadh, Sahel and Sharjah.
FinSMEs
10/11/2015