June 28, 2017

Uber’s Middle East rival Careem escalates the ride-hailing battle



Phone with Careem app
By Zizolo0ol (Own work) [CC BY-SA 4.0], via Wikimedia Commons

Uber has major competition in the Middle East. Uber’s been too busy dealing with the fallout of its corporate culture in the United States to make too many headlines about its presence abroad recently.

But a major regional rival got a significant batch of funding this week — upping the game for Uber in the Middle East.

Careem , Uber’s biggest rival in 80 cities across 12 countries in the region, reportedly raised another $150 million, finishing up a $500 million Series E funding round the company confirmed in December.

The funding values Careem at over $1 billion — so it’s not just a startup Uber’s competing with in the Middle East, but a real unicorn.

The German automaker Daimler participated in the funding round, led by Saudi Arabia’s Kingdom Holding. Careem was founded in 2012 and is headquartered in Dubai.

“With our investment in Careem, we are now taking the strategic step to becoming the world’s leading provider of mobility services,” Klaus Entenmann, CEO of Daimler’s financial services arm, said in a statement to TechCrunch . “Careem has quickly leapt to the leadership of ridesharing within the MENA regions by delivering rapid innovation and customer growth, and it is spearheading new ways […]

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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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