United Arab Emirates-based chauffeur-driven car booking service Careem has raised $10m in a series B round led by travel service Al Tayyar Travel Group.
The round also featured STC Ventures, the investment arm of telecommunications firm Saudi Telecom Group. STC Ventures previously contributed to Careeem’s $1.7m seed round in 2013, together with unnamed regional angel investors.
Founded in 2012, Careem enables customers in 14 cities in the Middle East to order a car online or through its mobile app, tracking rides in real-time that are paid for by credit cards. The service is popular with both corporate visitors and female customers.
Careem, which has established a presence in Saudi Arabian cities Riyadh, Jeddah, Dammam and Khobar over the past year, will use the funding to expand its business into new markets, and to enhance its technology and operations platform.