June 24, 2017

Uber partner invests in Middle East rival Careem



white Mercedes car front grill and star
Copyright: gunter_nezhoda / 123RF Stock Photo

More bad news for Uber: One of its strategic partners is investing in a fast-growing rival in the Middle East.

Germany’s Daimler — which makes Mercedes cars — is pumping money into Careem, a Dubai-based ride hailing app and Uber’s biggest competitor in the region.

The size of the investment was not disclosed. It formed part of a $500 million fund raising round.

Daimler partnered with Uber earlier this year to operate self-driving cars on the app’s network.

Uber CEO and co-founder Travis Kalanick, who stepped aside indefinitely earlier this week, said at the time that working with Daimler was “crucial” for the company’s future.

Uber has been hit by a series of PR crises and an executive exodus in recent months, casting doubt on the $68 billion startup’s leadership and momentum. It currently has no COO, CMO, CFO or president.Last week, Uber fired 20 employees after an investigation into sexual harassment and workplace culture.Careem acquired unicorn status — a value of more than $1 billion — in December after raising $350 million from Saudi Arabia’s state telecoms company and Japanese internet firm Rakuten.It’s still dwarfed by Uber but is continuing to attract new high profile backers. Kingdom Holding, owned by Saudi Prince Alwaleed […]

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The News for the Gig Economy Staff is constantly searching the web for the latest news regarding freelancing and gig platforms to bring them to you in one handy place. All articles with this generic author have been sourced with the original location at the bottom of the piece. We encourage our readers to view the original source of all excerpts. NGE is a project of ARC Online, LLC.

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