Dubai-based online car hailing service Careem raises $10M from local investors

careem-screenPrivate car booking service Careem has raised $10 million investment from regional investors led by Al Tayyar Travel Group alongside the existing backer STC Ventures of Saudi Arabia. The Dubai-based company will use to the new funds in further expanding across the MENA region.

The popular Uber-rival currently operates in 14 cities including Abu Dhabi, Bahrain, Beirut, Cairo, Dammam, Dhahran, Doha, Dubai, Jeddah, Karachi, Khobar, Kuwait, Lahore and Riyadh.

STC Ventures had previously funded the company in a $1.7 million round a year ago to kick off its expansion into the Kingdom of Saudi Arabia.

Careem was co-founded in 2012 by former McKinsey consultants Magnus Olsson of Sweden and Mudassir Sheikha from Pakistan. Available both on the web and mobile, the company todays employs over 70 people excluding the sub-contracted drivers.

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