• Syria-based super app Labby has raised $10 million from a group of UAE and Saudi investors, in what officials describe as the first direct foreign investment in a Syrian technology startup, marking a milestone for the country's emerging startup ecosystem.
• Founded in 2024 by Mohammad Fawaz, Labby operates a super app that integrates services including ride-hailing, food delivery, e-commerce, digital payments and other on-demand offerings into a single platform, serving consumers across Syria.
• The fresh capital will be used to accelerate product development, expand the platform's digital services, strengthen its technology infrastructure, and support its expansion across the Syrian market while contributing to the country's digital transformation.

Press release:

Syrian super app Labby has secured a $10 million investment from a consortium of investors from the UAE and Saudi Arabia, in what Syrian officials have described as the country's first direct foreign investment in a technology startup. The transaction marks a significant milestone for Syria's nascent startup ecosystem as international investors begin backing locally built technology companies.

Founded in 2024 by Mohammad Fawaz, Labby has developed a super app that brings together multiple consumer services within a single platform, including ride-hailing, food delivery, e-commerce, digital payments and other on-demand services. The company aims to simplify everyday digital transactions while expanding access to technology-enabled services for users across Syria.

The company will use the new funding to accelerate the development of its technology platform, broaden its range of digital services, strengthen its technical infrastructure and expand its operations across the Syrian market. The investment is also expected to support talent acquisition and product innovation as Labby scales its platform.

Beyond the company itself, the investment is viewed as a landmark development for Syria's technology sector, reflecting growing regional investor confidence in the country's entrepreneurial ecosystem. The deal could help pave the way for additional cross-border investment into Syrian startups as the ecosystem continues to evolve.