Leading global investment group and German automotive manufacturer round out Careem's USD 500 million funding round as company eyes further expansion
DUBAI, UAE, 15 June 2017 – Careem, the leading ride-hailing service in the Middle East and North Africa, today announced the second close of its Series E funding round from leading investors Kingdom Holding Company [“KHC”], a Saudi based, publicly listed investment company, and Daimler AG, the German multinational automotive financing and mobility services provider. In addition, global internet investors DCM Ventures and Coatue Management LLC have also participated in this round, and a representative from KHC has joined the Careem Board of Directors. This most recent funding is an extension of the $350 million raised in December 2016 that established Careem as a homegrown unicorn, and commits new investors with enormous capital resources and international expertise to Careem’s success.
Now operating in more than 80 cities in the broader region, Careem’s growth trajectory has continued over the past six months: the ride-hailing service launched operations in Turkey, doubled its number of operational cities in Egypt and Pakistan, is operational in more than 50 cities in KSA and has re-entered Abu Dhabi and Kuwait. In addition to expansion, a series of strategic innovations has seen Careem integrate with Google Maps and Digital Barriers – world leading facial recognition software and global surveillance – and a collaboration with Dubai-based regulator RTA to enable Dubai Taxi booking via the App.
“KHC and Daimler AG bring vital knowledge and insight to our organization as we prepare the next big advances in our journey to shape future outcomes in urban transportation in our region,” said Mudassir Sheikha, co-founder and CEO of Careem. “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. 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.”
KHC, a publicly listed company on the Tadawul (Saudi Stock Exchange) is internationally renowned for its interest in both high performance global brand and strategic regional interests. Based in Riyadh, Saudi Arabia, KHC is led by its Founder and Chairman, HRH Prince Alwaleed Bin Talal. KHC has achieved three decades of exceptional investment success, and while it is one of the largest foreign investors in the United States, KHC’s disciplined investment approach stretches across the globe and includes leading market segments such as mobility solutions, digital technology and social media (Lyft, JD.com, Twitter), media and entertainment (NewsCorp, 21st Century Fox, Euro Disney S.C.A., Time Warner), and finance (Citigroup). Prince Al-Waleed Bin Talal owns 95 per cent of KHC with an estimated net worth of U.S. $18.7 billion.
KHC will be the second major Saudi-based company to invest in the tech unicorn, following STC, the largest telecom operator in the Middle East, who first invested in Careem in 2013, with the aim of helping build a mobility platform across the MENA region. This round of funding will promote Careem’s services across the region, deepen its investor base, now among the strongest in the region, and accelerate its technological innovation, including the roll-out of its Driverless Pods.
Klaus Entenmann, CEO, Daimler Financial Services AG, said, “With our investment in Careem, we are now taking the strategic step to becoming the world’s leading provider of mobility services. Careem has quickly leapt to the leadership of ridesharing within the MENA regions by delivering rapid innovation and customer growth, and it is spearheading new ways to transport people from point A to point B.”
Careem is the region’s leading ride-hailing service that provides reliable, safe and affordable transportation choices via a mobile app, on the web and through a call center. Careem is a pioneer in the region’s ‘sharing economy’ – its mission is to make people’s lives simpler, create millions of jobs, and to BeCareem – to be kind, generous, and inspiring as we move the region towards better living. Established in July 2012, Careem operates in more than 50 cities across 13 countries in the broader Middle East, including North Africa, Turkey and Pakistan.
For more information, visit www.careem.com
About Kingdom Holding Company:
Kingdom Holding Company (KHC) is one of the world’s foremost value investment firm that is internationally renowned for its interest in both high performance global brand and strategic regional interests. Based in Riyadh, Saudi Arabia, KHC is led by its Founder and Chairman, HRH Prince Alwaleed Bin Talal. Founded in 1980 and publicly traded since 2007, KHC has achieved three decades of exceptional investment success and is renowned for its diversified portfolio of global powerhouse brands and high performance regional investments.
Although one of the largest foreign investors in the United States, KHC’s disciplined investment approach stretches around the globe and includes leading market segments such as mobility solutions, digital technology and social media (Lyft, JD.com, Twitter), media and entertainment (NewsCorp, 21st Century Fox, Euro Disney S.C.A., Time Warner), and finance (Citigroup). KHC is also a global leader in luxury hotels and hospitality management with ownership or significant interests in marquee properties such as the George V in Paris, the Plaza Hotel in New York and London’s Savoy Hotel. KHC’s global hotel brands include the Four Seasons, Fairmont Raffles, Movenpick, Swissotel and Accor. In Saudi Arabia, KHC’s real estate interests include the famed Kingdom Tower in Riyadh and the highly anticipated Jeddah Tower that once completed will be the tallest tower in the world with a height exceeding 1000 meters. KHC also has investments in petrochemicals (Tasnee), education (Kingdom Schools), health care (Kingdom Hospital) and aviation (NAS Saudi Arabia).
About Daimler AG
Daimler AG is one of the world’s most successful automotive companies. With its divisions Mercedes-Benz Cars, Daimler Trucks, Mercedes-Benz Vans, Daimler Buses and Daimler Financial Services, the Daimler Group is one of the biggest producers of premium cars and the world’s biggest manufacturer of commercial vehicles with a global reach. Daimler Financial Services provides financing, leasing, fleet management, insurance, financial investments, credit cards, and innovative mobility services.
The company’s founders, Gottlieb Daimler and Carl Benz, made history with the invention of the automobile in the year 1886. As a pioneer of automotive engineering, it is a motivation and commitment of Daimler to shape safely and sustainably the future of mobility: The Group’s focus is on innovative and green technologies as well as on safe and superior automobiles that appeal and fascinate. Daimler consequently invests in the development of efficient drive trains with the long-term goal of locally emission-free driving: from hightech combustion engines about hybrid vehicles to electric drive trains powered by battery or fuel cell. Furthermore, the company follows a consistent path towards intelligent connectivity of its vehicles, autonomous driving and new mobility concepts. This is just one example of how Daimler willingly accepts the challenge of meeting its responsibility towards society and the environment.
Daimler sells its vehicles and services in nearly all the countries of the world and has production facilities in Europe, North and South America, Asia, and Africa. Its current brand portfolio includes, in addition to the world’s most valuable premium automotive brand, Mercedes-Benz (Source: Interbrand-Study „The Anatomy of Growth“, 10/5/2016), as well as Mercedes-AMG, Mercedes-Maybach and Mercedes me, the brands smart, EQ, Freightliner, Western Star, BharatBenz, FUSO, Setra and Thomas Built Buses, and Daimler Financial Services’ brands: Mercedes-Benz Bank, Mercedes-Benz Financial Services, Daimler Truck Financial, moovel, car2go and mytaxi. The company is listed on the stock exchanges of Frankfurt and Stuttgart (stock exchange symbol DAI). In 2016, the Group sold around 3 million vehicles and employed a workforce of more than 282,000 people; revenue totalled €153.3 billion and EBIT amounted to €12.9 billion.
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© Press Release 2017