Middle East – Uber rival Careem raises $350 million for market expansion

By memberservices@staffingindustry.com (Danny Romero)

Careem, an Uber rival based in the Middle East, has announced that it has raised $350 million at a valuation of $1 billion, reports Tech Crunch. Japanese e-commerce firm Rakuten led the investment along with Saudi Telecom Company, which revealed that it has acquired 10% of the company for $100 million. Careem has been operating for four years and is present in 47 cities across 11 countries. The new investment is aimed at market expansion and aims to create 1 million jobs. Careem also said that this $350 million allocation is the first portion of a larger $500 million round that it is currently working on. The company’s didn’t provide a timeframe for when the entire raise will be completed.

Source:: Staffing Industry Analysts Daily Newsfeed