Middle East ride-hailing company Careem said on Thursday it had secured $200 million in new funding from existing investors, including from Saudi Arabian billionaire Prince Alwaleed bin Talal's Kingdom Holding.
The $200 million was the first close of a funding round in which it expects to raise over $500 million, Careem said in a statement.
The $200 million raised from existing investors also includes Saudi Arabia's Al Tayyar Group and STV, and Japanese e-commerce company Rakuten, Careem said.
It was not immediately clear what Careem's valuation would be after securing the latest funding. It was estimated to be worth about $1 billion as of December 2016.