Alsaree3 Group in Iraq Receives Additional Funding
Baghdad, Iraq – Alsaree3 Group, consisting of Alsaree3 (food-delivery) and Al Zajel Express (last-mile delivery services), closed a 7-figure bridge round in December 2022, bringing its total amount of funding raised to over $6.5 million USD.
Founder and CEO of Alsaree3 Group, Bassam Al-Ateia, commented, “This funding will enable us to increase our market share and grow our presence in Baghdad and Basra. We are on track to reach profitability by Q1 2024.”
Mr. Al-Ateia, continued, “We have built a great deal of trust with our customers. Iraqis know us as their home-grown delivery platform that offers the widest selection of their favorite restaurants and provides quick, best-in-class service.
Our expansion into grocery delivery last year was very successful because our customers know we will provide the fastest delivery time in the market and that we pay close attention to the condition of the product.”
Despite the difficult macroeconomic environment, Alsaree3 Group has successfully managed its capital and impressed its shareholders with its efficiency and performance.
Euphrates Ventures led this current round and commented “Alsaree3 is growing rapidly and efficiently, as management’s local expertise is not easily replicated by the competition. Alsaree3 achieves more with less, clearing a path to profitability that is as impressive as it is unique for a company at this stage of development.”
Alsaree3 successfully expanded its dark store operations this year to cater to the growing demand for quick commerce and plans to add new features like scheduled deliveries to its offering in 2023.
There is also a significant opportunity for Al Zajel, and its B2B, B2C, and C2C delivery arms. Al Zajel has strategic partnerships with Zain Cash, among other well-known companies in the banking and e-commerce sectors in Iraq. Al Zajel plans to capitalize on the country’s growing demand for e-services and home deliveries.
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