Saturday, May 28, 2022

Baghdad

Iraqi startup Baly raises $10.5m – largest in Iraqi History

 Iraqi startup Baly raises $10.5m – largest in Iraqi History

Baghdad (IraqiNews.com) – Iraqi-based super app Baly raised a historic $10.5 million in its latest funding round — the largest ever for a tech startup in the country. 

The three-month old startup introduced ride-hailing in Baghdad last month and is planning to roll out new delivery services for food and grocery, with the intention to expand in more cities in the country.

Backed by Rocket Internet, Baly’s funding came from Kingsway Capital, Majid Al Futtaim, Global Founders Capital, MSA Capital, Vostok Ventures and March Holding.

Iraq baly startup
The Baly team in Iraq.

Managing Director, Matteo Mantovani identified a “ripe” market in Iraq, with a potential to modernize the country digitally and grow traction for business startups and ventures in Iraq.

Mantovani said: “Iraq is home to 40 million people and boasting smartphone penetration of over 90% among those aged 17-40, Iraq is ripe for a digital shake-up. With a young, urbanized population, it is the perfect place to revolutionize the economy through digital services.”

With local Iraqi and international talent involved in this new wave of tech ventures and startups, many are hopeful and optimistic in supporting the construction of a more modernized, technologically advanced Iraq.

Arnd Lodowicks, CFO of Rocket Internet, highlighted: “Baly is for us a world-class team in an extremely exciting and promising market. We are looking forward to supporting the company on its mission to become the leading super app of Iraq.”