You can be on Entrepreneur’s cover!

Careem Secures US$200 Million Series F Investment The US$200 million is the first close of a Series F funding round in which the company expects to raise over $500 million.

You're reading Entrepreneur Middle East, an international franchise of Entrepreneur Media.

Careem

Careem, which now describes itself as an internet platform for the greater Middle East, has secured US$200 million in the on-going Series F funding round in which the company expects to raise over $500 million.

The funding has been provided by the company's existing investors, including HRH Alwaleed bin Talal's Kingdom Holding Company, Saudi Arabia's Al Tayyar Group and STV, and Japanese e-commerce group Rakuten.

Previously, the company raised $150 million raised in January 2017 and $350 million in December 2016 in a Series E round, making this new investment an indication to its valuation of over $1 billion which strengthens its status as a MENA's homegrown unicorn brand.

With the new investment, Careem aims to further expand its reach across the region through mass transportation, deliveries and payments. Mudassar Sheikha, CEO and co-founder, asserts the company's outlook on the region's potential, and says, "Internet-enabled services are having a profound and positive impact on our region, where the consumer internet opportunity is huge and untapped. As a platform with 30 million users and presence in more than 120 cities, Careem is uniquely positioned to tap into this opportunity by expanding into new verticals. We are delighted and grateful that our existing investors are the first to commit additional capital to support of our vision."

Careem still hasn't commented on the alleged acquisition negotiations with the US ride-hailing app rival Uber Technologies Inc, though according to Bloomberg, the deal may be worth between $1.5 billion to $2 billion.

Recently, Careem has reached noteworthy milestones of entering new markets, such as Sudan, launching its bus-booking service in Egypt, its food delivery services in the UAE, as well as acquiring the UAE-based restaurant platform RoundMenu and Hyperabad-based tech-driven bus shuttle service Commut. For what's next on its lineup of plans, stay tuned!

Related: Careem Continues Its Platformization Strategy By Acquiring Hyderabad-Based Commut

Thought Leaders

How To Improve Your Soft Skills and Emotional Intelligence in 7 Easy Steps

Using these simple but effective approaches will help a person in their business, life and relationships.

Finance

The Recap: Leaders In Fintech Awards 2023

The Leaders in Fintech Awards 2023 was staged by Entrepreneur Middle East with the support of in5, Idealz One, Numei Real Estate and Fluidmeet.

Business News

Kevin O'Leary Says 'Do Not' Merge Finances, Bank Accounts With Your Spouse: 'I Forbid It in My Own Family'

The "Shark Tank" star stressed the importance of keeping your "own financial identity" in a relationship.

Starting a Business

8 Tips for Increasing Your Average Sale

Getting a few more dollars out of each customer can put startups on a fast track to success.

Productivity

How I Take Advantage of My ADHD With Hyperfocus

Hyperfocus is a common but little-known asset of ADHD. It is the ability to focus intensely on something for hours or days at a time.

Business News

'Wildly Inappropriate': Woman Says She Was Denied a Job Because She Didn't Wear Makeup During the Interview

Melissa Weaver was applying for a VP of HR job at a tech company via video.