Careem, the leading internet platform for the greater Middle East, has secured US$200 million from existing investors in the first close of a new fundraise expected to exceed US$500 million.
Through this funding, Careem will accelerate its mission of simplifying the lives of people in the region by expanding into mass transportation, deliveries, and payments.
Mudassir Sheikha, CEO and co-founder of Careem said:
Internet-enabled services are having a profound and positive impact on our region, where the consumer internet opportunity is huge and untapped. As a platform with 30 million users and presence in 120+ cities, Careem is uniquely positioned to tap into this opportunity by expanding into new verticals. We are delighted and grateful that our existing investors are the first to commit additional capital in support of our vision.
In October this year, Careem launched a mass transportation service in Egypt and in February, acquired Dubai-based RoundMenu to expand its delivery services into food.