Alsaree3 Raises $3.5M In Additional Bridge Round
Baghdad-based Alsaree3 Group, consisting of Alsaree3 (food-delivery) and AlZajel Express (last-mile delivery services), closed an additional 7-figure bridge round, bringing its total amount of funding raised in 2021 to over $4 million. The two bridge rounds closed in 2021 were led by Euphrates Ventures while Bassam Falah, CEO of Innovest ME, Mohammed Khudairi, founder of Iraq Tech Ventures, and Subhi Khudairi, President of Khudairi Group, also participated.
Operational since 2018, Alsaree3 provides high-quality customer service, fast deliveries, and an extensive selection of restaurants in Baghdad and Basra. In addition to providing customers with a seamless experience, Alsaree3 focuses on creating value for its restaurant partners. It developed its own POS technology and hardware for restaurants to use for its orders.
AlZajel Alsaree3 is the first last-mile delivery service of its kind in Baghdad. Customers can send and receive products within one hour, such as important documents, personal items, or contracts.
Alsaree3 Group has achieved rapid growth in its core cities of Baghdad and Basra – cities where several competitors have faltered. Its delivery times are unmatched, boasting a 37 minute delivery time in Baghdad. Al Zajel can deliver as fast as 90 minutes for its C2C operations and offers same-day delivery for B2B and B2C operations.
Despite the entrance of competitors, Baghdad and Basra (our core cities) are still fundamentally underserved. The vast majority of restaurant delivery orders still happen offline in Baghdad. We are working directly with our restaurant partners to capture these orders. In addition, we have expanded into grocery delivery since options for consumers are even more limited in this category.Bassam Al-Ateia, Founder and CEO of Alsaree3 Group
This is the second investment we’ve seen in 2022 and it’s only January! The trend shows us that investors are interested in e-commerce, delivery, and dark stores in Iraq. The race for who can deliver items in the fastest time has multiple startups in the lead, but who will stay on top remains to be seen.
What is most interesting is that funding news is becoming less cryptic. By announcing exact investment amounts, instead of the allusive ‘seven figure’ headlines, we can get a better understanding of the funds that startups are receiving. More importantly, it helps other entrepreneurs and similar businesses make comparisons.