Baghdad-Based Alsaree3 Secures Series A Funding
Alsaree3, one of Iraq’s fastest-growing food and last mile delivery services, announced today that it has successfully closed its Series A capital raise round with an undisclosed seven-figure investment. This funding round is particularly noteworthy due to the participation of Snoonu, Qatar’s leading food delivery and e-commerce platform. Such a strategic regional partnership to build one of the most stable Iraqi service suppliers is great news for encouraging foreign investment in Iraq.
The round was anchored by Euphrates Ventures, with the participation of IVP, who also facilitated the round. This new funding round will enable Alsaree3 to accelerate its growth plans in Iraq, and will have a wider positive impact on the overall Iraqi startup ecosystem. This unprecedented investment by a regional powerhouse like Snoonu into an Iraqi startup underscores how far the Iraqi ecosystem has advanced and highlights the unique potential and attraction of the Iraqi market, especially when compared to other Gulf countries.
Finally, we are here! Working with a partner like Snoonu, which has developed a great app and high-quality services, while maintaining the trust of our existing investors, is great news for our employees, partners, and the entire Iraqi ecosystem
Bassam Al-Ateia, Founder of Alsaree3.
Hamad Mubarak Al-Hajri, Founder and CEO of Snoonu added “we are proud to join Alsaree3’s journey and support the Iraqi startup ecosystem, which has the potential to be one of the leading markets in the region. With Snoonu advanced logistic technologies and Alsaree3’s local Iraqi talents and infrastructure, we see great growth potentials for an Iraqi national startup to scale up massively, which will impact back to the social and economic development of Iraq.”
“Alsaree3 is a true Iraqi success story, and Bassam is a leader of great focus who is tireless in his pursuit of efficient growth in an industry not known for discipline,” remarked Geoffrey Batt of Euphrates Ventures, which led the round. “We are thrilled to anchor this round that is as much about technology sharing between Snoonu and Alsaree3 as it is about investment capital. Alsaree3 is primed to enter a new, exciting stage of development.”
“We see AlSaree3 as one of high potential home-grown startups in Iraq, and its success will have a positive ripple effect across the whole Iraqi ecosystem. We are keen to contribute towards its success journey, through our investment participation, as well as our investment readiness programs” added Mohammed Khudairi, IVP General Partner.
Alsaree3 has rapidly become a household name in Iraq, known for its efficient and user-friendly platform that makes food ordering and delivery seamless and accessible. This marks the first publicly announced startup to raise Series A funding in Iraq.
