Careem, a Dubai, UAE-based ride-hailing company, raised US$200M in the first close of US$500M Series F funding round.
Backers included existing investors Al Tayyar Group, Kingdom Holding, Rakuten and STV.
The company intends to use the funds to accelerate the expansion of its internet platform across the region, by expanding into mass transportation, deliveries, and payments.
Co-founded in 2012 by Mudassir Sheikha, CEO, and Magnus Olsson, later joined by Abdulla Elyas, a German Saudi serial entrepreneur, Careem is a ride-hailing company operating in the greater Middle East with 30 million users and a presence in 120+ cities in Morocco, Oman, Pakistan, Palestine, Qatar, Turkey, UAE, Bahrain, Egypt, Iraq, Jordan, KSA, Lebanon, and Kuwait.
In October 2018, the company launched a mass transportation service in Egypt. In February 2018, Careem acquired Dubai-based RoundMenu to expand its delivery services into food.