The Middle East’s mobility tech sector is surging—Careem, Swvl, and Halan lead the pack of MENA-based ride-sharing startups with millions in funding and international reach.
The shared mobility market across the Middle East and North Africa is accelerating fast, with a projected CAGR of 18.4% through 2030. As investors double down on urban transport innovation, local startups are securing major funding rounds to scale services from Cairo to Casablanca.
From super apps to electric fleets, here are the nine most funded ride-sharing startups in the MENA region as of 2022:
1. Careem – $771.7M
Founded: 2012 — HQ: UAE
Founders: Mudassir Sheikha, Magnus Olsson
Backers: BECO Capital, Alpha Partners, Coatue, and others
Careem, once a simple ride-hailing app, is now the Middle East’s first super app. Acquired by Uber for $3.1 billion in 2020, it remains the region’s most recognized mobility startup. The company operates across ride-sharing, food delivery, and payments under one platform.
Why was Careem acquired by Uber?
Uber saw Careem as a strategic regional leader with dominant market share across the Gulf, Egypt, and Pakistan—offering faster expansion than organic growth.
2. Swvl – $264M
Founded: 2017 — HQ: UAE (founded in Egypt)
Founders: Mostafa Kandil, Mahmoud Nouh, Ahmed Sabbah
Backers: BECO, Sawari, VNV Global, Endeavor Catalyst
Swvl offers tech-enabled mass transit and became one of the region’s first SPAC-listed companies on Nasdaq. It operates across intercity and corporate transport in 20 countries, including Kenya, Pakistan, and Turkey.
Is Swvl still a unicorn?
As of its 2022 public listing, Swvl was valued at $1.5 billion. Post-IPO valuation has fluctuated due to tech stock volatility, but it remains one of Egypt’s highest-funded startups.
3. Halan – $146.4M
Founded: 2017 — HQ: Egypt
Founders: Mounir Nakhla, Ahmed Mohsen, Mohamed Aboulnaga
Backers: Apis Partners, Lorax Capital, MEVP, CDC Group
Halan began as a tuk-tuk ride-hailing service and now operates as a logistics and fintech super app. It supports deliveries, micromobility, and digital payments in Egypt and Sudan. It also partners with global chains like McDonald’s and KFC for last-mile logistics.
What makes Halan different from Careem?
Halan focuses on underserved areas and alternative vehicles (like tuk-tuks and motorbikes), targeting both B2B and unbanked consumers.
4. Yassir – $43M
Founded: 2017 — HQ: Algeria
Founders: Noureddine Tayebi, El-Mahdi Yettou
Backers: Y Combinator, DN Capital, Quiet Capital, FJ Labs
Yassir operates in North Africa and France with a model spanning ride-hailing, food delivery, and payments. With over 3 million users, it is one of Algeria’s top tech exports. The company raised a $30M Series A to expand into West Africa and Europe.
5. ekar – $34M
Founded: 2016 — HQ: UAE
Founder: Vilhelm Hedberg
Backers: Polymath Ventures, Audacia Capital
ekar pioneered contactless car-sharing in the Gulf. Users can rent by the minute or subscribe to longer-term leasing. As of 2022, it serves seven cities and has plans to expand to Southeast Asia and Turkey.
6. Udrive – $17.3M
Founded: 2016 — HQ: UAE
Founders: Hasib Khan, Nicholas Watson
Backers: Cultiv8, Oman Holding International
Udrive offers pay-per-minute rentals with flexible pick-up/drop-off points across UAE cities. It has completed over 2 million trips and raised $5M in 2022 to boost regional expansion.
7. Fenix – $5M
Founded: 2020 — HQ: UAE
Founders: Jaideep Dhanoa, IQ Sayed
Backers: Emkan Capital, Panthera Capital
Fenix, founded by ex-Careem execs, deploys e-scooters through subscriptions in four cities. It raised $5M in seed funding and operates one of the region’s largest EV micromobility fleets.
8. Telgani – $4.2M
Founded: 2018 — HQ: Saudi Arabia
Founder: Abdulkader Almkinzy
Backers: 500 Startups, Impact46, SVC
Telgani digitizes the car rental process with app-based reservations and home delivery. It’s tailored for both Saudi residents and tourists. The startup secured $2.5M pre-Series A in 2021.
9. KOI Ride – $3M
Founded: 2015 — HQ: UAE
Founder: Kayla Kroot
Backers: Taurus Wealth, CEG Invest
KOI Ride offers B2B ride-hailing across cities like Dubai, New York, and Istanbul. It connects booking platforms with licensed transport providers. Its 2022 funding round supports expansion across Europe and the Americas.
Are there any female-founded ride-sharing startups in MENA?
KOI Ride is among the few in this space, founded by Kayla Kroot. The B2B model allows KOI to scale through partnerships rather than a consumer app.
Editor’s note: Funding data reflects publicly disclosed totals as of December 2022.
