Iraq’s Alsaree3 Group receive seven-figure bridge round
- Iraq-based Alsaree3 Group, closed a seven-figure bridge round in December 2022, raising its total funding to over $6.5 million.
- Founded in 2018 by Bassam Al-Ateia, Alsaree3 helps restaurants handle their own operations using their point of sale (POS) and hardware technologies, while its sister company Al Zajel offers on-demand parcel delivery services.
- This funding will enable Alsaree3 group to increase its market share and grow its presence in Baghdad and Basra, to reach profitability by Q1 2024.
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.
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 favourite 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 the competition does not easily replicate management’s local expertise. 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 arm. 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 capitalise on the country’s growing demand for e-services and home deliveries.