Wednesday, August 17, 2022

Baghdad

Baghdad-based Alsaree3 Group raises $3.2m in December

 Baghdad-based Alsaree3 Group raises $3.2m in December

Baghdad (IraqiNews.com) – Alsaree3 Group raised in late December 2021 an additional $3.2 million bridge round for their ventures which comprises food delivery app, Alsaree3, and last-mile delivery services app, Al Zajel Express. The total funding raised in 2021 came to $4 million. The bridge rounds were backed and participated by Iraqi ventures including Euphrates Ventures, Innovest ME, Iraq TechVentures, and Khudairi Group.

“With this funding, Alsaree3 will establish more dark stores in our core cities to increase accessibility to high-demand grocery items. We launched our first store in October, and we’ve seen impressive growth in each store that we’ve opened since. For Al Zajel, we are expanding our operations across the country quickly due to our strategic B2B partnerships, such as our partnership with ZainCash,” said Bassam Al-Ateia, Founder and CEO of Alsaree3 Group.

Alsaree3 was founded in 2018 and operates in Baghdad and recently expanded into Basra. Alsaree3’s key markets of Baghdad and Basra represent a population of over 11 million Iraqi locals who require quick food and grocery deliveries.

“Despite the entrance of competitors, Baghdad and Basra 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,” said Al-Ateia.

The Euphrates Ventures team commented in a statement: “Bassam and his team have built one of the leading food delivery and last mile delivery businesses in Iraq, utilizing their local expertise to serve the unmet needs of the Iraqi consumer. They have the talent, drive and focus required to satisfy the growing demands of the markets they serve at the highest possible level. We are pleased to provide this capital for Alsaree3 to continue to lead the development of one of the most dynamic and exciting sectors in Iraq’s economy. While we applaud Bassam and his team’s many accomplishments, we believe Alsaree3 is just getting started.”