Iraq’s food delivery service Alsaree3 raised seven-figure Series A funding
Alsaree3, a rapidly expanding food delivery service in Iraq, has successfully concluded its Series A capital raise round, obtaining an undisclosed seven-figure investment. The participation of Snoonu, the top food delivery and e-commerce platform in Qatar, makes this funding round especially notable.
With IVP participating and serving as the round facilitator, Euphrates Ventures served as the round’s anchor.
In addition to helping Alsaree3 realize its expansion goals in Iraq, this new funding round will benefit the country’s startup community as a whole. This extraordinary investment made in an Iraqi startup by a regional giant such as Snoonu shows how far the country’s ecosystem has come as well as the market’s distinct potential and allure, particularly in comparison to other Gulf nations.
“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,” said Bassam Al-Ateia, Founder of Alsaree3.
Hamad Mubarak Al-Hajri Founder & CEO of Snoonu added” We are proud to join Alsree3 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 & Alsaree3 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 & 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.
Due to its effective and user-friendly platform that facilitates easy and convenient food ordering and delivery, Alsaree3 has quickly become a household name in Iraq.
