Tech company, Careem, announced its acquisition of regional food ordering platform RoundMenu. The company, which operates in the Middle East with operations spread across more than 90 cities, has confirmed that this acquisition is part of a wider investment into the food delivery industry.
RoundMenu was launched in 2012, and has a Middle East footprint that spans over 18 cities in nine countries. It was first funded and launched with HoneyBee Tech Ventures, followed by investments from BECO Capital, Horeca Trade and Middle East Venture Partners. The company has raised a total of $3.1 million in investment to date.
Careem has raised over $570 Million through six rounds of funding since its inception in 2012. According to some estimates, Careem is now valued at more than $1.2 billion. The company has diversified its business from ride hailing, launching its delivery service “Box” last May in Dubai, which aims at serving customers who want to send small sized items across the city. It continues to look at other verticals that can be powered by their technology and ground transportation logistic capabilities.
Other notable acquisitions by Careem were Moroccan taxi company Taxii in May 2015, and Saudi address coding service Enwani in June 2015. In July 2017, it took a minority stake in an Egyptian start-up that connects commuters with private buses in Cairo.
The figures associated with the deal are unknown as of yet. “I can only say that it was good outcome for all parties after five years of seeding this venture. It’s particularly good for the ecosystem to see acquisitions emerging by local tech players,” Ihsan Jawad, partner at HoneyBee Tech Ventures told Arab News.
“Careem will begin testing a delivery capability for RoundMenu customers on a small scale later this month,” the company told media in a statement.