Iraqi Super App Baly Scores Unprcedented $10.5 Million Investment
Supported by Rocket Internet, the startup has attracted a laundry list of investors, each hailing its amalgamation of services on one platform.
Iraqi super app, Baly, has landed a momentous $10.5 million in its latest investment, a seed round that attracted an agglomeration of participants from Kingsway Capital, MSA Capital, Global Founders Capital, Vostok Ventures, Majid Al Futtaim and March Holding.
By creating an online platform that amalgamates commercial and personal elements, the startup is able to provide commercial services in a fuss-free format notwithstanding in-app financial transactions. With the support of German conglomerate Rocket Internet, this fully integrated financial tool is said to spearhead a transport & delivery proposition for market-ready innovative business models.
The investment is made all the more remarkable by the fact that this first funding round comes a few mere weeks after Baly’s launch. The capital will be used to expand the startup’s expansion across Iraq, as well as to introduce a number of other services including food delivery.