Total amount raised
$1 Billion
Latest funding date
6/1/2017
Location
Careem has successfully raised funding over 7 rounds, with the latest being a Series F round. 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 has been acquired by e& and continues to expand its service offerings to simplify and improve the lives of people in the region.
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: Not publicly disclosed
- 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
- 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
- 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
- Amount Raised: USD 150,000,000
- Date: June 2017
- Lead Investors: Kingdom Holding Company
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the "Everything App" 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 and technology from Didi.
- Series F
- Amount Raised: USD 200,000,000
- Date: October 2018
- Lead Investors: Kingdom Holding Company
- Valuation at Round: USD 2,000,000,000
- Motivation Behind the Round: To finance expansion into mass transportation, deliveries, and payments.
Total Amount Raised: USD 771,700,000. Current Valuation: USD 2,000,000,000.
Key Investors
- 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
- Didi
- Details: A Chinese vehicle for hire company headquartered in Beijing, providing app-based transportation services.
- Investment Focus Areas: Transportation, technology, logistics
- Notable Investments: Uber China, 99 (Brazilian ride-hailing app), Bolt
- 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
- 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 a valuation exceeding $2 billion and 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.
To capitalize on these opportunities, Careem is in early talks to raise up to $500 million. This additional funding will be crucial for scaling operations and entering new service segments. However, the path ahead is not without challenges. Intense competition with Uber, political instability in some regions, and the need for substantial capital to fund expansion are hurdles that Careem must navigate carefully.
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