Alsaree3 Group raises Bridge funding round
Baghdad: Alsaree3 Group, consisting of Alsaree3 (food-delivery) and Al Zajel Express (last-mile delivery services), has closed a 7-figure Bridge funding round. Coordinated by Iraq Tech Ventures and Innovest ME, the round included prominent Iraqi investors such as Euphrates Advisors, Shwan Ibrahim Taha, Chairman of Rabee Securities, Rawaz Rauf of Hiwa Rauf Group, Bassam Falah, CEO of Innovest ME, and Mohammed Khudairi and Subhi Khudairi of Khudairi Group.
Alsaree3 launched in 2018 in Baghdad and began focusing on expanding its fleet of in-house drivers and steady geographical expansion within the city. It prioritizes the experience for customers and restaurant partners, and now has an extensive selection of restaurants for its customers (500+ restaurants) across Baghdad. The startup uses its POS technology and hardware to meet the Iraq-specific needs of both its customers and partners.
In early 2020, Alsaree3 Group launched Al Zajel, which provides e-logistics services in Baghdad. It serves a wide variety of public and private sector clients in Iraq, as well as individuals through the Al Zajel mobile app.
Founder and CEO of Alsaree3 Group, Bassam Al-Ateia commented, “With this funding, we look forward to growing our fleet of drivers, improving our technology, and adding even more restaurant partners to maintain Alsaree3’s dominant position in the food delivery space in Baghdad. We will continue to grow Al Zajel’s client base, which serves B2B, B2C, and C2C markets in Baghdad.” The group is also expanding both Alsaree3 and Al Zajel to Basra, where the food delivery and e-logistics markets are underserved.”
Geoffrey Batt, Founder and Managing Member of Euphrates Advisors said, “Alsaree3 is part of a vibrant group of startups that seek to transform commerce in Iraq, using technology to problem-solve and offer Iraqis goods and services that will greatly improve their quality of life. Bassam and his talented team will play a vital role in developing e-commerce in Iraq by making the last step in the fulfillment process as efficient as possible. We are delighted to play a role in Bassam and Alsaree3’s efforts to modernize Iraq’s supply chain.”
Bassam Falah, CEO of Innovest ME said, “Alsaree3 has all the requirements for success: a well-grounded founder with business acumen, a solid founding team, a superior platform, a strong ground operation, and to close the circle, a consortium of strategic investors with a long- term view. This capital raise round was a key milestone for Alsaree3, and we look forward to continuing to work closely with Alsaree3 management and the co-investors to be part of its exciting journey.”
“Alsaree3 is the type of company we should all be proud of in Iraq. Companies like Alsaree3 are the workhorses that will drive the Iraqi economy,” added Shwan Ibrahim Taha, Chairman of Rabee Securities in Iraq.
