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Dubai-based carpool raises US$ 350,000 in seed round following impressive early results
Dubai, UAE: Dubai-based carpool start-up Carpool Arabia has announced that it has raised $350,000 to fund its business activities following an investment by French venture capital company Kima Ventures and Mediaquest, the region's largest privately owned media company. In a deal that promises good news for the city's commuters, Carpool will now be able to expand its operations that centre on matching drivers' empty seats to passengers, thereby facilitating the commute between home and work.
"This investment is excellent news for us as a company as well as for Dubai's many commuters looking for the best way to get to and from work. We are naturally very excited to be funded by such high profile investors as Kima Ventures and Mediaquest. The stake will be used to launch our Carpool Arabia app before the end of the year and to roll out a proper marketing campaign that will advertise our services across the emirate. It is clear that there are many investors both across the region and abroad who are looking for opportunities in the form of good business ideas," said Benjamin de Terssac, Founder and Chief Driver, Carpool Arabia.
Carpool Arabia was started up in February last year as an affordable and convenient transportation network for the UAE, with an initial US$ 70,000 investment from the two co founders Benjamin de Terssac and Guillaume Arnaud to get the idea on the road. The subsequent seed-round investment of $350,000 was achieved after the company revealed its impressive growth figures, which showed that the number of Carpool Arabia users had grown by 21% month-on-month since its inception and the number of transacted seats seeing a concomitant 20% growth.
Kima Ventures, which was started in 2010 by entrepreneurs with the goal to support and finance innovative companies around the world, has to date made over 300 investments in 24 different countries. The company says that it was not only attracted by the potential for Carpool Arabia's growth and its proven success in the first eighteen months of its operations, but also by the positive impact that it is having on the UAE's commuting population.
"Car sharing has become a very popular mode of transport in Europe over the last few years, but has not yet taken off in the Middle East. We are backing the Carpool Arabia team as they are well placed to bring the concept to the Middle East and make transportation more convenient and affordable. This is precisely the sort of venture that we are attracted to - a great business idea that also has social utility. In this case, the idea's social value is one of helping people to get to and from work and relieving road congestion," said Vincent Jacobs, Partner Kima Ventures.
Co-investor of Carpool Arabia Mediaquest Corp, which aims to provide unique insights into the Arab world through its diverse array of media platforms and event management activities, says that the chance to invest it Carpool Arabia was an opportunity that it couldn't turn down. The company says that its status at the centre of the region's current issues has provided it with an unrivalled grasp of solutions that are necessary for the city.
"Put simply, we recognised Carpool Arabia's business concept to be a winner as soon as we heard about it. The region is crying out for ways to improve the daily commute. Judging by the incredible growth since its start-up earlier last year, Carpool Arabia has clearly struck a chord with motorists and passengers in the UAE. It was an easy decision for Mediaquest to take a stake in the venture and to help fund the company's growth," said Alexandre Hawari, co-CEO, MediaquestCorp
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For more information contact:
Dima Itani
MarCom Manager-Mediaquest
Phone: 04 369 75 73
Email:d.itani@mediaquestcorp.com
Nesreen Bakheit
Senior Account Executive - Cicero & Bernay Public Relations
Phone: 050 -437 65 21
Email: nesreen@cbprme.com
About Mediaquest
Mediaquest is one of the region's most influential privately-owned media companies. Established in 1997, Mediaquest's mission is to inform, educate and entertain audiences across the MENA region, thereby building bridges between the Arab world and the West. Mediaquest generates a combined online and offline portfolio of more than 20 titles, covering marketing, communications, women's interests, lifestyle, entertainment and automotive. Reputed brands include: Marie Claire Arabia, Haya Magazine, AMEinfo and Kippreport, as well as the highly regarded business-to-business titles: Trends Magazine, Gulf Marketing Review, Saneou Al Hadath, Arabies and Communicate. Mediaquest's dedicated Dotmena network hosts 75 premium websites that attract more than 41 million unique visitors each month. Mediaquest creates, project manages and delivers some of the region's best-known industry events, including Festival of Media, arab luxury world, TOP CEO, Marketing to Women, and Effie Mena Awards to name a few.
© Press Release 2015
