Iraq-based Alsaree3 raises $3.5M in Additional Bridge Round
Food delivery and Last-mile services startup Alsaree3 Group raises $3.5M Bridge Round.
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Baghdad-based Alsaree3 Group, consisting of Alsaree3 (food-delivery) and Al Zajel Express (last-mile delivery services), closed an additional 7-figure bridge round, bringing its total amount of funding raised in 2021 to over $4M. The 2 bridge rounds closed in 2021 were led by Euphrates Ventures while Bassam Falah, CEO of Innovest ME, Mohammed Khudairi, founder of Iraq Tech Ventures, and Subhi Khudairi, President of Khudairi Group, also participated.
Operational since 2018, Alsaree3 provides high-quality customer service, fast deliveries, and an extensive selection of restaurants in Baghdad, and Basra as of last year. In addition to providing customers a seamless experience, Alsaree3 focuses on creating value for its restaurant partners. It developed its own POS technology and hardware for restaurants to use for its orders which restaurants have willingly paid for themselves. AlZajel Alsaree3 is the first last-mile delivery service of its kind in Baghdad which provides sending and receiving products within one hour, such as important documents, personal items, contracts, or any other goods.
Over 2021, sizable funds have been raised by on-demand delivery startups and Q-commerce propositions across MENAPT, even in SEED and Pre-SEED stages. Q-commere startups design a mix of well-placed dark stores or fulfillment centers and integrate fleet management technologies to dispatch products in short delivery windows ranging from 30 minutes in the case of Pakistan-based Airlift to 10 minutes in many other cases like Pakistan-based Krave Mart or Egypt-based Rabbit. Q-commerce startups have taken a front seat in the E-commerce & Delivery space across MENA last year, where startups like UAE-based Yalla Market, or Egypt-based Goodsmart, and Breadfast raised major rounds last year and set the bar for the level of speed in this competitive space.
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As a native Iraqi brand, Alsaree3 Group has a robust understanding of the Iraq market. It has achieved rapid growth and strong economics in its core cities of Baghdad and Basra – cities where several competitors have faltered. In terms of delivery times, it is unmatched: Alsaree3 boasts a delivery time of 37 minutes in Baghdad. Al Zajel can deliver as fast as 90 minutes for its C2C operations and offers same-day delivery for B2B and B2C operations. Founder and CEO of Alsaree3 Group, Bassam Al-Ateia, commented, “Despite the entrance of competitors, Baghdad and Basra (our core cities) are still fundamentally underserved. The vast majority of restaurant delivery orders still happen offline in Baghdad. We are working directly with our restaurant partners to capture these orders. In addition, we have expanded into grocery delivery since options for consumers are even more limited in this category.”
Alsaree3’s core cities of Baghdad and Basra represent a population of over 11M people who need speedy food and grocery delivery to their doorsteps. Founder/CEO Bassam Al-Ateia elaborated that the startup will be funneling its newly acquired funds to expand Alsaree3’s dark stores after debuting their first in October, and support Al Zajel’s expansion efforts following successful B2B partnerships with strategic players the likes of Zain Cash. Sharing their high hopes for the Iraqi T&L pioneers Euphrates Ventures Managing Partner Geoffrey Batt concluded, “Bassam and his team have built one of the leading food delivery and last-mile delivery businesses in Iraq, utilizing their local expertise to serve the unmet needs of the Iraqi consumer. They have the talent, drive, and focus required to satisfy the growing demands of the markets they serve at the highest possible level. We are pleased to provide this capital for Alsaree3 to continue to lead the development of one of the most dynamic and exciting sectors in Iraq’s economy. While we applaud Bassam and his team’s many accomplishments, we believe Alsaree3 is just getting started.”
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