Middle East rival Careem raises $ 60 million

by bold-lichterman

The amount

The services of private drivers continue to arouse the interest of investors. After Yidao Yongche, Didi Kuaidi and Uber which could be the best valued unlisted start-up in the world, it is Careem’s turn in the Middle East to join the club. The start-up created in Dubai in 2012 has just raised $ 60 million in series C from mainly investment funds Abraaj Group, according to the statement. This investment is one of the largest in the region, in the new technologies sector.

The market

In the Middle East, the private driver market is yet to be built. However, the American Uber has already set foot in Dubai since 2014, as well as in the other main cities of North Africa and the Middle East (Casablanca, Doha, Beyrout, Cairo or Abu Dhabi). Since 2012, Careem it has spread to 20 different cities, ranging from Morocco to Pakistan via Saudi Arabia, the Emirates and Egypt. Careem has claimed growth of 30% per month for three years. In particular, it has forged a partnership with Etihad, one of the two leading local companies, on a membership program.

The objectives of the Start-up

With this fundraising, the company intends to expand into Pakistan, countries in the Middle East and Africa. She also wants to develop new products and services.

Seat: Dubai

Creation date: July 2012

Founders: Mudassir Sheikhan, Magnus Olsson and Abdullah Elyas

Fundraising: $ 10 million (2014), $ 1.7 million (2013)