Dubai based start-up Careem, which operates an online chauffeur-driven car booking service, announced that it has raised about $10 million investment in a round led by Saudi’s Al Tayyar Travel Group, STC Ventures and other regional investors.
The company said that it will use the cash infusion to expand its business to new markets and to develop its technology and operations platform.
Careem, which was started by Magnus Olsson and Mudassir Sheikha, both former consultants at McKinsey & Company, allows customers to book a car for a precise time in the future or order it on-demand through the company’s website or its mobile apps.
Founded in 2012, the start-up is growing at more than 30 per cent month-on-month and employs 70 people.
It now operates in Abu Dhabi, Bahrain, Beirut, Cairo, Dammam, Dhahran, Doha, Dubai, Jeddah, Karachi, Khobar, Kuwait, Lahore, Egypt and Riyadh.