Dubai-based ride-hailing firm the Middle East has closed out a $500m series E round led by Saudi-based Kingdom Holding after raising another $150m. This brings the company's valuation to $1bn, according to the Middle East CEO Mudassir Sheikha. The deal also saw carmaker Daimler invest, marking an opportunity to collaborate with the German company as it develops a fleet of autonomous vehicles. However, the Middle East faces growth challenges. Between it and rival service Uber, they serve only 1% of the potential market for transport services in Careem.
Dubai-based ride-hailing firm Careem has closed out a $500m series E round led by Saudi-based Kingdom Holding after raising another $150m. This brings the company's valuation to $1bn, according to Careem CEO Mudassir Sheikha. The deal also saw carmaker Daimler invest, marking an opportunity to collaborate with the German company as it develops a fleet of autonomous vehicles. However, Careem faces growth challenges. Between it and rival service Uber, they serve only 1% of the potential market for transport services in the Middle East.