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Magnus Olsson ..excited to work with Al Tayyar

Careem raises $10m for business expansion

DUBAI, December 7, 2014

UAE-based Careem, an app and web-based chauffeur-driven car booking service, raised $10 million in an investment round led by Al Tayyar Travel Group, STC ventures and other regional investors.

The company plans to use the cash infusion to expand its business into new markets, and enrich its technology and operations platform. The start-up is still growing at more than 30 per cent month-on-month and has reached a headcount of 70.

Careem, which was started by Magnus Olsson and Mudassir Sheikha, allows customers to book a car for a precise time in the future or order it on-demand through its website or mobile apps. It serves a large number of corporate clients and individual customers who like the service for its convenience, reliability and safety.

“We are delighted to have a strategic partner like Al Tayyar on board. Their strong Saudi presence and regional experience will help us deliver a reliable and consistently high quality service to our Saudi customers and accelerate our geographic expansion to the rest of the Middle East,” said Sheikha.

In the last one year, the company has established presence in major cities in Saudi, including Riyadh, Jeddah, Dammam and Khobar. The service has been widely adopted by corporate visitors and females for its reliability, convenience and safety. 

Careem was founded in Dubai in 2012 and now operates in Abu Dhabi (UAE); Bahrain; Beirut (Lebanon); Cairo (Egypt); Dammam, Dhahran, Khobar, Riyadh and Jeddah (Saudi Arabia); Doha (Qatar), Karachi, Lahore (Pakistan); and Kuwait. – TradeArabia News Service




Tags: STC | Al Tayyar | Careem |

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