Taxi-hailing app Careem announces $100m R&D investment
The leading ride-hailing app in Middle East Careem has announced that it will invest $100 million in research and development (R&D) over the next five years.
The company on Monday (July 11) said the announcement is part of its global expansion plans and it expects the investment will accelerate innovation in transportation-related technology infrastructure for the region.
“Over the last few years, the region has witnessed a surge in technological innovation and has become home to rapidly growing technology startups,” said Magnus Olsson, co-founder and chief navigator, Careem. “These startups are using technology to improve the lives of people in the region. 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.”
Careem, which operates across 27 cities in the Middle East North Africa (MENA) region, said its plans include expanding its engineering footprint in Pakistan and the UAE as well as opening new R&D centers in Egypt and Germany.
Founded in 2012 by Mudassir Sheikha and Magnus Olsson, ex-McKinsey consultants, and Dr. Abdulla Elyas, CAREEM currently has 3 million registered users and more than 50,000 Captains and is backed by investors Saudi Telecom Ventures, Al Tayyar Travel, The Abraaj Group, Beco Capital, Impulse, Lumia Capital and Wamda Capital.