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Tuesday, 20 December 2016

Careem gets USD 350 mn, closes first tranche of USD 500 mn funding round

Careem closes first tranche of USD 500 mn funding round: Ride-hailing app Careem announced a first close in its USD 500 mn funding round, securing an investment of USD 350 mn co-led by Japan’s Rakuten Inc and Saudi Telecom Company (STC), which announced this week it bought a 10% stake in Careem for USD 100 mn. According to a company release, “new and existing investors include Abraaj Group, Al Tayyar Group, Beco Capital, El Sewedy Investments, Endure Capital, Lumia Capital, SQM Frontier and Wamda Capital among others.” The fundraise was supported by Credit Suisse. Careem says the funds will scale up its “transport services in existing and new markets, accelerate innovation across its platform of high-frequency transactions,” and help it achieve the goal of creating one mn jobs regionally by 2018.

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