Total amount raised
$1 Billions
Latest funding date
6/1/2017
Location
Careem has successfully raised significant funding across multiple rounds, with its latest being a Series F. The company has attracted a diverse group of investors, including Seera and Kingdom Holding Company.
Keep reading to explore the intricacies of Careem's fundraising journey and the investors backing this versatile platform.
What Is Careem?
Careem, founded on June 15, 2012, in Dubai, UAE, is a multi-service platform aiming to simplify and improve lives in the Middle East. The company was established by Abdulla Elyas, Magnus Olsson, and Mudassir Sheikha.
Careem offers a range of services, including ride-hailing, food and grocery delivery, digital payments, and bike-sharing. Their app connects users to various services, making everyday tasks more convenient.
With a workforce of 1001-5000 employees, Careem continues to drive social and economic progress across the region, building a community-centric ecosystem.
How Much Funding Has Careem Raised?
- Seed Round
- Amount Raised: $1.7M
- Date: September 2013
- Lead Investors: STC Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart operations and develop the initial platform.
- Series B
- Amount Raised: $10M
- Date: December 2014
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand service offerings and enter new markets.
- Series C
- Amount Raised: $60M
- Date: November 2015
- Lead Investors: Abraaj Group
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance technology infrastructure.
- Series D
- Amount Raised: $350M
- Date: December 2016
- Lead Investors: Rakuten, Saudi Telecom Company
- Valuation at Round: $1B
- Motivation Behind the Round: To expand into new verticals like food delivery and digital payments.
- Series E
- Amount Raised: $150M
- Date: June 2017
- Lead Investors: Kingdom Holding Company
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further penetrate existing markets and enhance service offerings.
- Corporate Round
- Amount Raised: Not publicly disclosed
- Date: August 2017
- Lead Investors: Didi
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To leverage strategic partnerships for technological advancements.
- Series F
- Amount Raised: $200M
- Date: October 2018
- Lead Investors: Kingdom Holding Company
- Valuation at Round: $2B
- Motivation Behind the Round: To finance expansion into mass transportation, deliveries, and payments.
Total Amount Raised: $771.7M. Current Valuation: $2B.
Key Investors
- Kingdom Holding Company
- Details: Kingdom Holding Company is an investment firm owned by Saudi Arabian billionaire Prince Alwaleed bin Talal. It took a 7% stake in Careem in 2017.
- Investment Focus Areas: Technology, media, hospitality.
- Notable Investments: Careem, Twitter, Four Seasons Hotels and Resorts.
- Didi
- Details: Didi Chuxing is China’s largest ride-hailing company, providing transportation services to over 550 million users across Asia, Latin America, and Australia.
- Investment Focus Areas: Ride-hailing, transportation services, autonomous driving.
- Notable Investments: Lyft, Ola, Grab.
- Rakuten
- Details: Rakuten is a Japanese e-commerce and online retailing company, often referred to as the "Amazon of Japan." It operates in various sectors including fintech and digital content.
- Investment Focus Areas: E-commerce, fintech, technology.
- Notable Investments: Lyft, Pinterest, Viber.
- Saudi Telecom Company (STC)
- Details: Saudi Telecom Company is the largest telecommunications company in Saudi Arabia, providing a range of services including mobile, internet, and enterprise solutions.
- Investment Focus Areas: Telecommunications, technology, digital services.
- Notable Investments: Careem, Jawwy, Intigral.
- Abraaj Group
- Details: Abraaj Group was a private equity firm based in Dubai, known for its investments in growth markets across Asia, Africa, and Latin America.
- Investment Focus Areas: Healthcare, financial services, consumer goods.
- Notable Investments: Careem, K-Electric, Network International.
What's Next for Careem?
Careem's future is brimming with opportunities as it aims to expand into mass transportation, deliveries, and digital payments. With a valuation of over $2 billion and plans to raise more than $500 million, the company is poised to tap into the huge and untapped consumer internet market in the Middle East, North Africa, and beyond.
Future fundraising efforts are already in motion, with Careem securing $200 million from existing investors and expecting to raise additional funds. However, challenges such as competition with Uber and potential political issues could pose hurdles. Despite these, Careem's strategic expansions and strong market presence suggest a promising trajectory.
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