Explainer: Egypt's central bank unchanged interest rates decision and why    Egypt hopes to reach IMF deal within one month or two: minister    Egypt is exploring affordable loans from China, Japan – minister    Apple's iPhone 14 is the easiest to fix since 2016    Apple to hike App Store prices in Egypt and other countries in Asia, Europe    Dior new pre-fall men collection to take place for the first time in Egypt    Putin: Turkey to pay 25% of Russian gas in rubles    Kazakhstan's President awards Egypt's Azhar imam Astana International Prize    UK economy turmoil follows Queen Elizabeth's death    Three possible scenarios as Egypt's central bank governor resigns – MP    Adele is living a love story, wants to be a homemaker    In Photos: Egypt swears in 13 new ministers after major Cabinet reshuffle    Egypt's Sisi names 13 ministers in Cabinet reshuffle    Spain: prosecutor seeks 8 years sentence for Shakira over tax evasion    Egypt: Alamein Art Festival kicks off a collection of recycled installations    John Legend enjoys family trip in Egypt    Egypt's athlete Basma Emad wins bronze in weightlifting in Mediterranean Games    Noura Al-Mutair – first Gulf female boxer in World Championships    Maha karara joins AAIB as Head of Corporate Communications, Sustainability    Egypt works on charting cooperation strategies with international institutions for 5 years: Al-Mashat    Over 2.4 million newborns examined for hearing impairment: Health Ministry    Netflix releases trailer of Arab adaption of 'Perfect Strangers' film    Balqees to headline concert celebrating launch of streaming giant LIVENow in MENA    Sawsan Badr to be honoured at Aswan Women Film Festival    MP Abdel Hady Al-Qasby calls government to facilitate and support NGOs    Al-Sisi follows up on 'Great Transfiguration Project' in St. Catherine    Cairo, London stress need to strengthen cooperation to face climate change    Foreigners account for 22.6% of Egypt's T-bills issuances in 1H 2021: CBE    Egypt's ambassador to Italy passes away    Egypt confirms readiness to help African countries face terrorism and extremism    An estimated 235 million people needed humanitarian assistance and protection in 2021, an increase of 40% compared to 2020: IOM Egypt    Egypt, DRC discuss water cooperation during WYF    Egypt, DR Congo discuss boosting bilateral cooperation during WYF    Cameroonian police probe assault on three Algerian journalists covering AFCON    Pharaohs start AFCON 2021 campaign with fierce clash against Nigeria    Foreign Ministry opens capacity building course for French-speaking African diplomats    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Careem becomes MENA's second unicorn, raises $350m
Published in Daily News Egypt on 19 - 12 - 2016

Ride-hailing app Careem announced closing an initial investment round of $350m, as part of a $500m funding round. The investment of $350m was co-led by Japan's Rakuten Inc. and telecom operator Saudi Telecom Company (STC).
Up until now, investors in Careem include Abraaj Group, Al Tayyar Group, Beco Capital, El Sewedy Investments, Endure Capital, Lumia Capital, SQM Frontier, and Wamda Capital, among others.
Rakuten executive and head of ride-sharing and fintech investments, Oskar Mielczarek de la Miel, and an STC executive will also join Careem's board of directors.
The first close of $350m will be directed at creating a million jobs by 2018, expand services geographically, and fund research and development.
Mudassir Sheikha, co-founder and CEO of Careem, said: "[Rakuten and STC] not only bring significant institutional backing for Careem's new horizons, but also global technology leadership and deep local experience bringing us closer to achieving our mission of improving the lives of everyone in the region."
"The MENA region has a growing, connected, urban population with great potential for ride hailing and other e-commerce services," de la Miel said. "This investment directly aligns with Rakuten's vision for global innovation as Careem has demonstrated its ability to scale to one of the largest shared economy platforms in the region, and to accelerate the adoption of new transit solutions."
Established in 2012, Careem operates in 47 cities across 11 countries and hosts over 6 million users and 150,000 drivers in the Middle East, North Africa, and South Asia region.


Clic here to read the story from its source.