STC Ventures, a venture capital fund independently managed by Iris Capital and whose anchor investor is the STC Group, has led a $1.7m investment in UAE-based Careem, a chauffeur-driven online car hiring service. The capital raised will be allocated to enhancing the Careem.com technology platform and expand its car booking service across the Middle East.
Careem’s customers can order a chauffeur-driven car on careem.com or through Careem’s proprietary mobile apps, track their rides in real-time, pay with credit cards, and access receipts online. Established in July 2012, Careem is focused on serving the Middle East market and currently operates in the UAE, Qatar and Saudi markets and is set to expand into further regional territories. The team behind Careem is spread between Dubai, Abu Dhabi, Riyadh, Karachi, Boston, and San Francisco.
The company was established…
