The firm had continued investing in Careem in the following rounds by joining both Series B and Series C. At the time of exit, STC Ventures owned 6.4% stake in the Careem according to a filing by STC. STC Ventures was launched in 2012 with Iris Capital managing the fund. It was one of the first investments of STC Ventures. Saudi Telecom Company, after witnessing the early success of STC Ventures decided to launch a much bigger fund, Saudi Technology Ventures by injecting $500 million into. Abdulrahman also used to manage STC’s $100 million investment in Careem and was a board member of the ride-hailing company.

Source: The North Africa Journal March 29, 2019 16:41 UTC