Iraqi super app Baly raised $10.5m in its latest funding round, this is considered to be the largest seed round in Iraq’s tech history. Baly is backed by Rocket Internet, a german internet company that incubates and invests in internet and technology companies globally. This investment round was led by Kingsway Capital, MSA Capital, Global Founders Capital, Vostok Ventures, Majid Al Futtaim and March Holding.
Baly launched ride-hailing as its first service in Baghdad last month, the startup also aims to add additional services, like food and grocery delivery and also expand to cover more cities in the country.
Also read: Iraq’s Miswag Raises $1.6 Million in a Pre-Series A Round
“Iraq is home to 40 million people, with over 90 per cent smartphone penetration amongst those aged 17-40. With a young, urbanized population, it is the perfect place to revolutionize the economy through digital services,” Matteo Mantovani, Baly’s Managing Director, highlighted.
The startup will be able to use the new funds to support its scaling efforts in operations and market growth.
“Baly is for us a world-class team in an extremely exciting and promising market. We are looking forward to supporting the company on its mission to become the leading super app of Iraq,” Arnd Lodowicks, CFO of Rocket Internet, said.
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