Total amount raised
$1.17 Billion
Latest funding date
12/1/2023
Location
Careem has successfully raised funding over 8 rounds, with the latest being a USD 400 million Corporate Round from e& in December 2023. The company is backed by 24 investors, including notable names like Seera and Kingdom Holding Company.
Careem's fundraising journey also includes 4 investments and 7 acquisitions, with the most recent acquisition being Denarii Cash. Keep reading to explore the intricacies of Careem's fundraising journey and the investors backing this comprehensive service platform.
What Is Careem?
Careem, headquartered in Dubai, United Arab Emirates, is a multifaceted technology company offering a range of services through its app. These services include ride-hailing, food delivery, grocery delivery, and payment solutions. The company operates in various industries such as customer service, delivery, financial services, logistics, public transportation, ride-sharing, and transportation.
Founded with the vision of building an "Everything App"for the Middle East, Careem has grown significantly and now employs between 1001-5000 people. The company was acquired by Uber in January 2020, and Uber fully owns the ridesharing business. In December 2023, e& took a majority interest in Careem Technologies, its non-ridesharing business; Uber regained a controlling interest in July 2026.
How Much Funding Has Careem Raised?
- Seed Round
- Amount Raised: USD 1,700,000
- Date: September 2013
- Lead Investors: STC Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart operations and develop the initial version of the app.
- Series B
- Amount Raised: USD 10,000,000
- Date: December 2014
- Lead Investors: Al Tayyar Travel Group, STC Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the service to new cities and enhance the app's features.
- Series C
- Amount Raised: USD 60,000,000
- Date: November 2015
- Lead Investors: Abraaj Group
- Participants: Al Tayyar Travel Group, STC Ventures, BECO Capital, Lumia Capital, Wamda Capital, Impulse (Kuwait Investment Authority subsidiary), Arzan Venture Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enter new markets in the Middle East and North Africa.
- Series D
- Amount Raised: USD 350,000,000
- Date: December 2016
- Lead Investors: Rakuten, Saudi Telecom Company (STC)
- Participants: Abraaj Group, Al Tayyar Travel Group, BECO Capital, Endure Capital, Lumia Capital, El Sewedy Investments, Wamda Capital
- Valuation at Round: USD 1,000,000,000
- Motivation Behind the Round: To expand into new segments such as food delivery and payments.
- Series E (First Close)
- Amount Raised: USD 150,000,000 (final close; part of a total USD 500,000,000 Series E)
- Date: June 2017
- Lead Investors: Kingdom Holding Company
- Participants: Daimler, Lumia Capital, DCM Ventures, Coatue Management
- Valuation at Round: USD 1,200,000,000
- Motivation Behind the Round: To further develop the "Everything App"and enhance service offerings.
- Corporate Round
- Amount Raised: Undisclosed
- Date: August 2017
- Lead Investors: DiDi
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To leverage strategic partnerships and technology from DiDi.
- Series F
- Amount Raised: USD 200,000,000 (first close of a targeted USD 500,000,000 round)
- Date: October 2018
- Lead Investors: Kingdom Holding Company, STV (Saudi Technology Ventures) — co-led
- Participants: Al Tayyar Travel Group, Rakuten
- Valuation at Round: USD 2,000,000,000
- Motivation Behind the Round: To finance expansion into mass transportation, deliveries, and payments.
- Corporate Round
- Amount Raised: USD 400,000,000
- Date: December 2023
- Lead Investors: e& (Emirates Telecommunications Group Company)
- Valuation at Round: Not publicly disclosed
Total Amount Raised: At least USD 1,171,700,000 based on disclosed funding rounds (DiDi round amount undisclosed). Current Valuation: Approximately USD 3.1 billion (Uber acquisition price, completed January 2020).
Key Investors
- e& (Emirates Telecommunications Group Company)
- Details: e&, formerly Etisalat Group, is the Abu Dhabi-based telecommunications and technology group. It contributed USD 400 million to Careem Technologies, Careem's non-ridesharing super-app business, in exchange for a majority equity interest, closing in December 2023.
- Investment Focus Areas: Telecommunications, digital services, fintech, technology platforms
- Notable Investments: Maroc Telecom
- Kingdom Holding Company
- Details: A Saudi conglomerate holding company based in Riyadh, founded by Prince Alwaleed bin Talal. It is one of the world's largest and most diversified private investment companies.
- Investment Focus Areas: Real estate, hospitality, media, technology
- Notable Investments: Twitter, Lyft, Four Seasons Hotels
- STV (Saudi Technology Ventures)
- Details: A Riyadh-based venture capital fund with $500M under management, focused on technology investments in Saudi Arabia and the broader MENA region.
- Investment Focus Areas: Technology, fintech, digital services
- Notable Investments: Careem, Tabby
- Rakuten
- Details: A Japanese electronic commerce and online retailing company based in Tokyo, founded by Hiroshi Mikitani.
- Investment Focus Areas: E-commerce, fintech, digital content
- Notable Investments: Pinterest, Lyft, Viber
- Saudi Telecom Company (STC)
- Details: The largest telecommunications company in Saudi Arabia, providing landline, mobile, and internet services.
- Investment Focus Areas: Telecommunications, technology, digital services
- Notable Investments: Intigral, Jawwy, STC Pay
- Abraaj Group
- Details: A private equity firm operating in growth markets, founded by Arif Naqvi.
- Investment Focus Areas: Healthcare, energy, consumer goods
- Notable Investments: K-Electric, Network International, Careem
What's Next for Careem?
Careem's future is brimming with opportunities as it aims to expand into mass transportation, deliveries, and payments. With 30 million registered users across 120 cities, the potential for growth is immense. The company is also eyeing new markets like Sudan and launching food delivery services, which could significantly boost its user base and revenue streams.
Careem's most recent capital came in December 2023, when e& contributed USD 400 million to Careem Technologies. However, the path ahead is not without challenges. Political instability in some regions and the need for substantial capital to fund expansion are hurdles that Careem, now controlled by Uber, must handle carefully.
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