We are co-leading a SAR 750 million (USD $200 million) investment round in Careem -- the leading ride hailing app in the greater MENA region. Careem is a true pioneer in the MENA technology industry, a local champion whose rapid rate of growth shows few signs of slowing as it explores new territory in the form of payments and mass transportation.
For many people, ride hailing is now part and parcel of everyday life. And as internet penetration rates increase, and consumer habits change, analysts expect the ride hailing market to grow 8 times its current size by 2030, with much of this growth coming from emerging markets. Careem is capitalizing on this trend. It has developed one of the most recognizable brands in greater MENA and has become the de facto app for 15+ million riders and 1+ million captains.
We’re excited that this latest investment round will fuel new verticals for Careem that include payments and mass transportation. By expanding the scale and reach of its services, more startups can use Careem as the platform of choice, unlocking a new wave of online retailers and internet opportunities.
Careem started as a small experiment in Dubai in 2012 and today it operates in 120+ cities, from Pakistan to Morocco and everywhere in between. Mudassir Sheikha, Magnus Olsson, and Abdulla Elyas have set a new bar for technology startups in the region - the trio bring a rare mix of world-class operations and purpose-driven management. We share a common belief that technology is the key to simplifying and improving the lives of many. Our journey together continues.
Our co-investors in this fundraise included Al Tayyar Group, Kingdom Holdings, and Rakuten.