Careem Investor Wired $1M From Personal Account Before Signing Paperwork
Mudassir Sheikha · Mudassir Sheikha: The Meeting that Led to $3.1BN Buyout: The Battle Between Uber and Careem | E1056 · 20VC with Harry Stebbings · Sep 4, 2023 · at 27:08
Mudassir Sheikha, co-founder and CEO of Careem, recalls running out of money during an early fundraising round and receiving $1 million from lead investor Abdullah purely on trust.
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“So I call our lead investor for that round and I say, Abdullah, this thing is taking a lot longer to close. We're out of money. We've already put our savings into the business. And he's like, how much money do you need? I said half a million dollars. He's like, send me the bank account details and I'll send it to you. No documents have been signed. This money comes from his personal bank account. A few weeks later, well, a few weeks, maybe a few months later, we're still at the same board. The documents are still not done. I called him again. Another half a million dollar arrived without sign, without anything signed, without Anything he pays and he sends it again from his personal bank account just to sort of bridge us to getting the documents done.”
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