Uber’s Mideast Rival Said to Seek Up to $500 Million New Funding
- Careem said working with Credit Suisse to raise financing
- Ride-sharing service may be valued at over $1 billion
This article is for subscribers only.
Careem FZ, a ride-sharing service that competes with Uber Technologies Inc. in the Middle East, is seeking as much as $500 million in new funding, according to people familiar with the matter.
The company is working with Credit Suisse Group AG to find investors, the people said, asking not to be identified as the information is private. The company, which was founded in 2012 and operates in about 30 cities, could be valued in excess of $1 billion after raising the capital, the people said. No final agreement has been reached, the people said.