Ride-hailing app Careem has secured $200 million from existing investors including Al Tayyar Group, Kingdom Holding and Rakuten in the first close of a $500 million Series F investment round.
The UAE-based company will use the investment to accelerate the expansion of its internet platform across the Middle East region.
“Internet-enabled services are having a profound and positive impact on our region, where the consumer internet opportunity is huge and untapped,” said Mudassir Sheikha, chief executive officer and co-founder at Careem.
The company has 30 million users in more than 120 cities across 15 countries. Earlier this year Careem launched a mass transportation service in Egypt and acquired UAE-based RoundMenu to expand its delivery services into the food sector.