Careem, the (MENA) region's locally founded app-based car service announced a Series C investment of $60 million with The 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.
Mudassir Sheikha, Careem's co-founder and Managing Directorasid "As we successfully close our third round of funding, we welcome our new investors and partners into Careem. The Abraaj Group brings unique regional insights, proven execution capability, and global resources we consider critical to realizing our mission of simplifying the lives of people in the region. We will continue to innovate our product, expand through the region, bring greater income generating opportunities to even more of our Captains, and recruit outstanding talent to serve a growing customer base across our cities."-PR