Iraq’s Alsaree3 Group raises additional funding

Baghdad (IraqiNews.com) – Alsaree3 Group, which includes Alsaree3 and Al Zajel Express, concluded a bridge round in December 2022, bringing its total capital to more than $6.5 million.

ur presence in Baghdad and Basra. We are on track to reach profitability by Q1 2024,” said Bassam Al-Ateia, Founder and CEO of Alsaree3 Group.

Alsaree3 focuses on food delivery while Al Zajel Express handles last-mile delivery services.

“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,” continued Al-Ateaia.

Despite the challenging macroeconomic climate, Alsaree3 Group has managed its capital effectively and satisfied its investors with its performance and effectiveness.

Euphrates Ventures, who led the latest round, said in a statement: “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 extended its dark shop operations in 2022 to meet the rising need for rapid commerce. The tech startup expects to expand its service with new features such as scheduled deliveries in 2023.

“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,” added Al-Ateaia.

Al Zajel, its B2B, B2C, and C2C delivery arm, also has substantial possibilities. Al Zajel has strategic alliances with Zain Cash, as well as other well-known organizations in Iraq’s banking and ecommerce industries. Al Zajel intends to capitalize on the increased demand for e-services and home delivery in Iraq.