Careem, the (MENA) region’s locally founded app-based car service, today announced a Series C investment of $60 million with the Dubai-based Abraaj Group as lead investor. This funding represents one of the largest investments in the region’s emerging technology sector and will be used to accelerate market expansion and innovation in Careem’s car service across its core markets in MENA, Pakistan and the wider region. It marks the third round of fundraising by Careem and sees Abraaj join other leading investors including Al Tayyar, STC Ventures, Beco Capital, Impulse (a subsidiary of Kuwait Investment Authority), Lumia Capital and Wamda Capital. Al Tayyar remains the largest institutional investor in Careem.
Founded in Dubai in 2012, Careem is an app-based car service currently operating in 20 cities from Morocco to Pakistan. As a home-grown pioneer of MENA’s technology sector, Careem’s mission is to simplify people’s lives through reliable and affordable urban transport. In the last three years, the company has witnessed strong growth month on month of over 30% across its core markets of the UAE, Saudi Arabia and Egypt. Having delivered millions of successful rides with tens of thousands of ‘Captains’ (drivers), this new investment will further strengthen Careem’s leadership position in the region. Careem plans to continue growing by partnering with regulators and governments to create jobs, improve livelihoods and empower women.
Careem will use the funding from Abraaj to invest in further growth in the Middle East, North Africa and South Asia, introducing key new hires, accelerating its pace of entry into new markets, and developing innovative new products and services. The company was founded by Magnus Olsson and Mudassir Sheikha, both former consultants at McKinsey & Company, and Dr. Abdulla Elyas. It aims to become the biggest consumer logistics business in the region.