Alsaree3 Group will use the funds to expand both companies into the untapped Basra market, where the food delivery and e-logistics markets are underserved.
Alsaree3 Group, composed of food delivery app Alsaree3 and last-mile delivery services Al Zajil Express, closed a seven-figure bridge round in late March 2021. Led by Iraq Tech Ventures and Innovest ME, the round included eminent 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.
Founder and CEO of Alsaree3 Group, Bassam Al-Ateia, stated that they will utilize this funding to work on “growing our fleet of drivers, improving our technology, and adding even more restaurant partners” in order to maintain the company’s leading position in the food delivery market in Baghdad.
After Alsaree3’s launch in 2018, the company quickly rose to prominence thanks to its focus on expanding its fleet of in-house drivers and its consistent geographical expansion within the capital. Its main priority is on customer experience and building relations with restaurant partners, leading to over 500+ restaurant partners for its customers across Baghdad. Alsaree3 Group ensures it meets the Iraq-specific needs of its client base and partners through its own POS technology and hardware.
“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,” Bassam Falah, CEO of Innovest ME, said. “This capital raise round was a key milestone for Alsaree3, and we look forward to continue to work closely with Alsaree3 management and the co-investors to be part of its exciting journey.”
The group will use the funds to expand both companies into the untapped Basra market, where the food delivery and e-logistics markets are underserved.