Careem closes $500m Series-E funding led by Diamler, Saudi prince

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Yasmin Perveen, one of the pioneer women

Yasmin Perveen, one of the pioneer women “captains” of Careem, checks her work app before driving her car in Islamabad, Pakistan December 7, 2016. PHOTO: REUTERS

The world’s biggest luxury-car maker Diamler AG along with Saudi billionaire Prince Alwaleed bin Talal are the latest to invest in Careem as the ride-hailing company raised $500 million in Series E fundraising.

Careem revealed that it has raised $150million to close the second round of the Series-E funding. Earlier in December, the Dubai-based ride hailing company raised $350 million from investors, including Japan’s Rakuten Inc and Saudi Telecom Co, during the first trench of fundraising.

As a part of the investment deal, Alwaleed’s investment company Kingdom Holding Co will get a seat on Careem’s board, the ride-hailing company said in a statement.

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DCM Ventures and New York-based Coatue Management LLC took part in the second round of fundraising, valuing Careem at $1billion.

CEO Mudassir Sheikha told Bloomberg that the company could consider selling shares publicly by 2019.

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“With our investment in Careem, we are now taking the strategic step to becoming the world’s leading provider of mobility services,” said Daimler Financial Services AG CEO Klaus Entenmann in a statement. “Careem has quickly leapt to the leadership of ridesharing within the MENA regions by delivering rapid innovation and customer growth, and it is spearheading new ways to transport people from point A to point B.”

The investment comes at a time when Careem’s arch rival Uber is facing multitude of crisis, including a publicised sexual harassment spat that lead to Uber’s CEO taking a leave of absence.

This article originally appeared on Bloomberg.

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