Saudi bil­lion­aire Prince Al­waleed, Daim­ler take part in $500m Ca­reem fund­ing round

Gulf Business - - NEWS AND VIEWS -

Saudi bil­lion­aire Prince Al­waleed bin Talal and Ger­man au­to­mo­tive multi­na­tional Daim­ler are among the in­vestors in a $500m fundrais­ing round by Dubai-based ride app Ca­reem.

The round, which also saw par­tic­i­pa­tion from DCM Ven­tures and New York-based Coatue Man­age­ment LLC , val­ued Ca­reem at $1bn, the com­pany said.

Al­waleed’s King­dom Hold­ing in­vest­ment ve­hi­cle ac­quired a 7.11 per cent stake in Ca­reem for $67m through the pur­chase of shares from ex­ist­ing in­vestor Abraaj Group. It will also get a seat on Ca­reem’s board.

Ca­reem has also an­nounced its ex­pan­sion into Pales­tine as it con­tin­ues to grow its pres­ence across the Mid­dle East and North Africa. It cur­rently op­er­ates ride ser­vices in more than 80 cities and has re­cently ex­panded its of­fer­ing to in­clude courier ser­vices in some mar­kets.

“The op­por­tu­nity for fur­ther ex­pan­sion in this re­gion is huge, not just broad­en­ing and deep­en­ing our pres­ence in the broader Mid­dle East mar­kets, but also in driv­ing in­no­va­tion that can have a mean­ing­ful im­pact on our com­mu­ni­ties,” said founder and CEO Mu­das­sir Sheikha.

“KHC and Daim­ler AG both bring deep-pock­ets and a long-term per­spec­tive on global tech­nol­ogy adop­tion, and we are ex­cited to wel­come them on this jour­ney to im­prove the lives of peo­ple in the Mid­dle East.”

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