Careem was co-founded by Mudassir Sheikha and Magnus Olsson, who had both worked as management consultants at McKinsey & Company [2] It started operating in July 2012 as a website-based service for corporate car bookings, and evolved to become a transportation network company with car hire for everyday use.[3]
In 2015, the company acquired a Saudi-based home delivery service company and the founder, Abdulla Elyas joined Careem.[4] In 2017, the company announced a program to extend maternity leave and hire more women.[5]
Funding[edit]
Careem has raised funding of US$421.7 million to date.[6] It received seed money of US$1.7 million in a round led by STC Ventures in 2013. In 2014, it received funding of US$10 million in a Series B round led by Al Tayyar Travel Group and STC Ventures.
In November 2015, Careem announced a Series C round investment of US$60 million led by The Abraaj Group.[7][8][9] In October 2016, the company reached an agreement with regulators in Dubai whereby customers are able to book all taxicabs and limousines operating in Dubai via the Careem mobile app.[10] In December 2016, the company raised US$350 million in a Series D round, based on a $1 billion valuation for the company.[11] Saudi Telecom in this funding round invested in a 10% stake in Careem.
