Issue link: http://endeavor.uberflip.com/i/1450008
"It is hard to overstate the importance of the Careem and Uber transaction. We often refer to the 'PayPal Effect' in the United States — when the rise, success and sale of PayPal lit up the imaginations of aspiring founders and launched hundreds of spin-offs from their own… With the Careem acquisition, women and men across the region will say, 'I will do this too.'" C H R I S S C H R O E D E R MENA Investor & Endeavor Mentor 8 T H E M U LT I P L I E R E F F E C T CAREEM Amplifying the Next Big Thing Ridesharing company Careem offers reliable transportation and self- employment opportunities to millions of customers and drivers throughout the Middle East. Acquired by Uber in 2019 for a monumental $3.1 billion, Careem has transformed not only transportation throughout the UAE and the Middle East at large, but also the entrepreneurship ecosystem. As the first unicorn, the first multi-billion-dollar exit, and largest acquisition to date, Careem has put the Middle East firmly in the global entrepreneurship spotlight, while co-founders Mudassir Sheikha, Abdulla Elyas, and Magnus Olsson (right) have leveraged their success to turbocharge the next generation of tech innovators in the region. The founders joined Endeavor Catalyst as LPs, supporting the growth of companies led by Endeavor Entrepreneurs. Mudassir is helping helping establish an Endeavor office in Pakistan and Abdulla has invested in fellow Endeavor Entrepreneur company, Noon Academy.