Until Next Year ??

?? As we sign off next week, this will be our last Linkedin Newsletter for the year, so let's all celebrate a success story from the region. In light of Careem's decade of milestones, there’s no better time than the present to reflect on the startup’s journey. Launched in 2012, the startup is currently valued at over?$2.3Bn according to our valuation estimate, a feature we recently launched on the platform. The startup made waves in 2016 when it raised a staggering?$350M in its Series B round?backed by the likes of?Endure Capital?and?STC?and went on to account for 42% of the funding raised by UAE in that year. Careem managed to raise 2 more Mega Rounds ($100M+) before its landmark acquisition by ride-hailing giant?Uber?for $3.1Bn.?

?? Talking about Careem’s acquisition, the startup has also made a number of notable acquisitions of its own over the years, 3 of which were executed in 2022. Spanning across T&L and FinTech industries, the startup first announced the acquisition of KSA’s?Enwani?in 2015 according to our data, a month after raising its $10M Series B round. Expanding across Egypt, Morocco, KSA, and Pakistan, Careem is now present in 14 countries and acquired 3 startups during the current economically turbulent year including UAE’s?Denarii Cash?and?MUNCH:ON. Excited to see what’s next for the startup!

?? Funding & Acquisition Announcements:

• Appetito and Jumlaty merge to become Nomu: FoodTech e-Grocery startups, Saudi-based?Jumlaty?and Egypt-based?Appetito, have announced their merger into a new entity, NOMU.?
• KSA’s PayTabs acquires Turkey’s Paym.es: PayTabs, a payments platform based in KSA has acquired Turkey’s social commerce platform?Paymes?to create a unified social commerce platform for micro-merchants, fempreneurs, and webpreneurs across the MENA region
• Nigeria’s Moove raises $30M Sukuk: Moove, a mobility FinTech startup providing revenue-based vehicle financing, has secured $30M from Debut Sukuk for UAE Expansion.

?? MAGNiTT Research & Data:

“What goes up must come down”. The economic downturn, hyperinflation, and mass layoffs are now coming for startups that went through rapid growth and expansion during the pandemic.?Read More>>

?? We'll be signing off next week, in the meantime our team is hard at work to prepare for the release of our year-end reports in January where we will be shedding light on everything that happened this year! if you'd like to stay in touch, give us a follow:?Twitter???Instagram???Facebook)

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