Careem Closes a $500M Funding Round!

Nadine Kahaleh , Jun 15 2017

Dubai-based transportation startup Careem has raised another $150M, to close out a $500M Series E funding round. Careem’s co-founder and CEO has confirmed that the startup’s current valuation is now at $1BN.

This tranche of the funding round was led by Saudi-Based Venture Capital firm Kingdom holding; they backed Lyft, and invested in both Twitter and Snap before they went public. Other investors on the list are: German automaker Daimler, VC DCM Ventures, and hedge fund Coatue Management.

In December 2016, Careem had secured the first tranche of its Series E round with $350M. With the new funds, Careem will have enough means to bolster its technology and strengthen its presence across the world.

The startup is now operating in 13 countries and 80 cities, with 250000 drivers up and ready to serve more than 10M users. A few days ago, it has announced its plans of launching its services in Palestine on June 15. Careem will start with the city of Ramallah, then expand to additional cities in the country. 

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