Careem Networks secures $1.7 million in venture funding
Sep 10, 2013 (MarketLine Financial Deals Tracker via COMTEX) --
Careem Networks FZ, LLC, a ground transportation technology company that provides chauffeur-driven car booking service, has secured $1.7 million in venture funding led by STC Ventures with participation from Saudi Telecom Company, Angus Paterson, Alex Wiedmer and regional angel investors.
Saudi Telecom Company is a telecommunication company that provides mobile, landline, Internet and television services. Careem Networks and Saudi Telecom are based in the UAE.
Deal Value (US$ Million) 1.7
Deal Type Venture Finance
Sub-Category Growth Capital/Expansion
Deal Status Completed: 2013-09-09
Target (Company) Careem Networks FZ, LLC
Acquirer 1 (Company) Undisclosed Investors*
Acquirer 2 (Company) Saudi Telecom Company
Careem Networks will use proceeds to accelerate regional expansion plans and further strengthen its operating platform that needs to cater to relatively complex logistics of the region.
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