Careem’s Acquisition: Complete
Careem’s acquisition by Uber is complete, with USD 3.1 billion. The first announcement of the acquisition was released in March 2019. To date, it is the largest exit for a startup in the Middle East. Careem will preserve its brand and retain its name, as a wholly-owned subsidiary of Uber.
Careem’s Co-Founder & CEO, Mudassir Sheikha, will continue to lead the company, and report to a five-person board, three of which being Uber representatives, and two from Careem.
Read more on Magnitt.
What can MENA’s entrepreneurship ecosystem expect in 2020?
The entrepreneurship ecosystem in the MENA region has been developing in recent years, becoming a core pillar of the region’s economy. Many governmental initiatives are supporting the growth of the sector, with increased funding and programs, to push forth innovation in respective markets. Wamda forecasts that the private sector’s role in boosting the entrepreneurial ecosystem, is expected in 2020.
Read more on Wamda.
Badir Program tech startups raise USD 62.93 million in 2019
In a record-breaking milestone, the tech startups incubated by the Badir Program for Technology Incubators & Accelerators (an initiative by KACST), raised USD 62.93 million, from venture capital firms, individual investors, private companies and governmental institutions.
Venture Capital firms contributed to the majority of funds raised.
Read more on Startupmgzn.