Saudi firm to raise investment in Careem from $150m to $500m

An investment of $150 million by a Saudi Arabia-based venture capital firm in Careem raised its investment capital to $500m, a statement from the Dubai-based ride-hailing company said.

The $150m investment was undertaken by carmaker Daimler and Saudi Arabia’s Kingdom Holding, a firm owned by billionaire Prince Alwaleed bin Talal.

“This most recent funding is an extension of the $350 million raised in December 2016 that established Careem as a homegrown unicorn,” the statement added.

The new round of investment brings the company’s total valuation to over $1bn.

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