Careem confirms $1bn value after Saudi billionaire invests
Mudassir Sheikha, Careem’s co-founder and CEO has confirmed that Careem’s valuation is now over $1bn
Dubai-based ride-hailing service Careem has closed its latest fundraising round at $500m with the help from Saudi billionaire Prince Alwaleed bin Talal.
The Saudi Prince joined luxury-car maker Daimler AG by investing $150m and his investment vehicle, Kingdom Holding Co, will now have a place on Careem Networks FZ's board.
In December last year, Careem announced the results of its first fundraising round which was led by Japan's Rakuten and Saudi Telecom. The latest investment Series E round saw DCM Ventures, Coatue Management and Daimler AG all step in, closing the round at $500m.
During the first round of investments Careem's chief executive officer Mudassir Sheikha revealed that the company may consider selling shares to the public by 2019.
Careem now operates in more than 50 cities across 13 countries and hosts over 10 million users and 250,000 captains (drivers) in the Middle East, North Africa and South Asia region.