App-based car service Careem injects $100B into R&D
Careem was founded in 2012 ex-McKinsey consultants Mudassir Sheikha and Magnus Olsson. (Careem)
Application-based car service Careem has announced plans to invest $100m in research and development over the next five years.
Under the plans, the company will expand its teams in the UAE and Pakistan and open new R&D centres in Egypt and Germany.
“Careem is committed to continue innovating to offer the region a safe and reliable transportation option. In order to do that, we have to double-down on R&D, which is why we have announced this investment today,” said co-founder Magnus Olsson.
Careem said it would add an additional 50 engineers to its footprint in Pakistan from technology solutions company VentureDive to improve the company’s application.
Elsewhere, the R&D centre in Germany aims to provide the company with access to the European start-up scene and assist in expanding its global presence.
Careem was founded in 2012 ex-McKinsey consultants Mudassir Sheikha and Magnus Olsson.
The Uber rival now operates in 27 cities across the Middle East, North Africa nad Pakistan and is backed by regional investors including Saudi Telecom Ventures, Al Tayyar Travel, The Abraaj Group, Beco Capital, Impulse, Lumia Capital and Wamda Capital.
Recent funding rounds include $60m raised last November from a group led by Abraaj.
By Robert Anderson
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