Careem to invest $100M in R&D

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Careem has announced a new strategy, plus their plans for global expansion.

According to a statement released today they plan, over the next five years, to invest $100 million into R&D. Part of this will be the growing of their team in the UAE and Pakistan, plus the opening of two R&D centers in Egypt and Germany.

“Careem is committed to continue innovating to offer the region a safe and reliable transportation option. In order to do that, we have to double-down on R&D,” said Magnus Olsson, cofounder and ‘chief navigator’, in the statement.

Busy times for Careem they entered the Pakistan market earlier this year when they purchased Savaree, a local ride sharing startup. They also closed a $60 million series C round in November last year.

Partnering in Pakistan with R&D company Venturedive they will be adding 50 engineers to the Careem team.

According to Careem they have had a 30 percent month-on-month gross since they started in 2012. They now cover 27 countries across MENA and Pakistan and have three million registered users.

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