Careem, maker of an MEA-focused taxi-hailing app, secured funding of $60 million, which is said to represent “one of the largest investments in the region’s emerging technology sector”.
In a statement, the Dubai-based company said that it “will be used to accelerate market expansion and innovation in Careem’s car service across its core markets in MENA, Pakistan and the wider region”.
It will also make new hires, accelerate its pace of entry into new markets and develop new products and services.
Founded in 2012, Careem serves 20 cities such as Abu Dhabi, Amman and Beirut. The current funding is its Series C, and was led by Abraaj Group.
In the last three years, the company has witnessed strong growth month on month of more than 30 per cent across its core markets of the UAE, Saudi Arabia and Egypt, it said.
According to Mustafa Abdel-Wadood, partner at Abraaj, “We strongly believe that the combination of Careem and its management team with Abraaj’s track record of supporting regional champions will drive scale, efficiency, and produce significant public policy benefits.
“We intend to equip this business fully to rise to the challenge – and take leadership of this segment,” he said.