Careem closed fundraising round with the help of Saudi Prince Alwaleed bin Talal at $500m. Abraaj Group, the former investocareem service in jeddahr divested its stake to Prince’s Kingdom Holding, which is for undisclosed sum.

As part of the deal, Kingdom Holding representative has joined the Careem board of directors team. Diamler AG, the German luxury automotive, more participants include DCM Ventures and Coatue Management, closing the second raise.

In December last year, first raise was closed to $350 million from investors: Japan’s Rakuten & Saudi Telecom. Latest second round totals $150 million by investors: Kingdom, Daimler, Coatue and DCM.

However, it is unknown that how much Abraaj Group invested in Careem. It came on board in November 2015 in $60 million parcel financing. Also, Kingdom and Daimler didn’t disclose their investment sizes.

Estimated valuation of Careem is more than $1 billion after the latest round of fundraising, claiming the company now worth of $1.5 billion.