Careem, the ride-hailing service in Pakistan, Middle East and North Africa, announced today a first close in its $500 million funding round.
The investment of $350 million is co-led by Rakuten, a global leader in internet services and innovation headquartered in Japan, and Saudi Telecom Company, the largest telecom operator in the Middle East.
A local company established in 2012, Careem now operates in 47 cities across 11 countries and hosts over 6 million users and 150,000 Captains (drivers) in the Middle East, North Africa and South Asia region.
“We are inspired and humbled to work with world class strategic partners like Rakuten and STC” said Mudassir Sheikha, co-founder and CEO of Careem. “They not only bring significant institutional backing for Careem’s new horizons, but also global technology leadership and deep local experience bringing us closer to achieving our mission of improving the lives of everyone in the region.”
Careem’s Goal of Creating 1 Million Jobs:
The funds will scale up Careem’s transport services in existing and new markets, accelerate innovation across its platform of high-frequency transactions, and help Careem achieve its goal of creating one million jobs in the region by 2018.
“This investment directly aligns with Rakuten’s vision for global innovation as Careem has demonstrated its ability to scale to one of the largest shared economy platforms in the region, and to accelerate the adoption of new transit solutions” said Oskar Mielczarek de la Miel, Executive Officer at Rakuten.
