Careem to expand Middle East presence
Al Tayyar Travel Group, STC ventures and other regional investors recently raised up to US$10 million in investment for Careem’s expansion plans. The web -based chauffeur-driven car booking service plans to use the cash infusion to expand its business into new markets.
The company now operates in Abu Dhabi, Bahrain, Beirut, Cairo, Dammam, Dhahran, Doha, Dubai, Jeddah, Karachi, Khobar, Kuwait, Lahore and Riyadh.
Dr Nasser Altayyar, Al Tayyar Travel Group’s vice chairman and managing director said: “The investment in Careem is aligned with our strategy to embrace new technologies. In Careem, we found a great product that we believe can grow exponentially, but also a much-needed solution to ground transportation and logistics in the region.”
This is the second round of investment. The start-up is still growing at more than 30% month-on-month and has reached a headcount of 70. In the last year, Careem has established presence in Saudi, including Riyadh, Jeddah, Dammam and Khobar.