Uber's rival in the Middle East raises $150 million
Careem, Uber's biggest rival in the Middle East, has raised $150 million to close out a $500 million funding round. Saudi billionaire Prince Alwaleed bin Talal's Kingdom Holding (also an investor in Lyft) led the round, with Daimler, DCM Ventures, and Coatue Management also participating. Careem is now valued at over $1 billion, said the company.
Why it matters: Uber's competition is stiffening as its local competitors around the world continue to raise more money. What's more, though these rivals generally face the same regulatory obstacles in their home markets, they also benefit from being more familiar with those same markets.