Deals
Uber Mideast Rival Valued at $1 Billion After Funding Round
- Saudi Telecom to invest $100 million for 10% stake in Careem
- Fundraising makes Careem Middle East’s latest tech unicorn
Uber's Mideast Rival Valued at $1 Billion
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Dubai-based ride-hailing app Careem Networks FZ raised $350 million from investors including Japanese e-commerce giant Rakuten Inc and Saudi Telecom Co., valuing it at about $1 billion.
Government controlled STC, as the company is known, will invest $100 million for a 10 percent stake in Careem as part of a $500 million fundraising round, it said Sunday. Rakuten joins companies including buyout firm Abraaj and Al Tayyar as investors, the Middle East’s rival to Uber Technologies Inc said in a statement Monday. The funds will be used for expansion.