Uber's Arab rival, Careem, raises $60m in series C financing led by Abraaj Group

Visual of Careem portal. November 2015.

Private equity (PE) firm Abraaj Group has led a $60 million Series C investment in Dubai-based Middle Eastern transport venture Careem, a locally founded app-based car service launched in 2012 by Magnus Olsson and Mudassir Sheikha, both former consultants at McKinsey & Company, and Dr. Abdulla Elyas.

Abraaj joins other leading investors including Al Tayyar, STC Ventures, Beco Capital, Impulse (a subsidiary of Kuwait Investment Authority), Lumia Capital and Wamda Capital. Al Tayyar remains the largest institutional investor in Careem, which characterises itself as a consumer logistics business venture.

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