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Follow on Google News | Careem Closes First Tranche in $500 Million Funding Round Led by Rakuten and Saudi Telecom CompanyFirst close of $350m will create a million jobs, expand services geographically, and fund research and development
By: TRACCS jordan A local company established in 2012, Careem now operates in 47 cities across 11 countries and hosts over 6 million users and 150,000 Captains (drivers) in the Middle East, North Africa and South Asia region. The fundraise, supported by Credit Suisse, is one of the largest for a technology company in the Middle East's history and a strong indicator of Careem's ambitious vision. The funds will scale up Careem's transport services in existing and new markets, accelerate innovation across its platform of high-frequency transactions, and help Careem achieve its goal of creating one million jobs in the region by 2018. "We are inspired and humbled to work with world class strategic partners like Rakuten and STC" said Mudassir Sheikha, co-founder and CEO of Careem. "They 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," said Oskar Mielczarek de la Miel, Executive Officer at Rakuten. "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. "We are excited to continue a strategic partnership that began in 2013 through STC Ventures' first investment in Careem, and help build a mobility platform across the MENA region," said Dr. Khaled Biyari, CEO of STC. "Our investment is a clear bet on the future of mobility, strategic adjacencies, and Careem's technology leadership in the region." End
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