[ Careem raises $150M in Series E ]

Careem has raised $150 million in Series E funding.

Founded in 2012, Careem  is an app-based car service that connects people to rides in a matter of minutes, at the tap of a button.

With the new funds, Mudassir Sheikha, Careem’s co-founder and CEO, confirmed that Careem’s valuation is now over $1 billion. The fresh funds are expected to up Careem’s game, giving Uber tougher competition amid a series of headaches at the embattled US company.

Funding  Series E
Founded  2012
Country  United Arab Emirates
City  Abu Dhabi
Founder / CEO  Mudassir Sheikha
Deal Size  $150M
Investors  Lumia Capital
 Daimler
 Coatue Management
 DCM Ventures
 Kingdom Holding Company
Previous Investors  Abraaj Group
 Al Tayyar
 Arzan Venture Capital
 BECO Capital
 El Sewedy Investments
 Endure Capital
 Kuwait Investment Authority
 Lumia Capital
 Muna Easa Al Gurg
 Rakuten
 Saudi Telecom Company
 SQM Frontier Management
 STC Ventures
 Wamda Capital