Rocket Internet-backed Iraqi super app Baly raises $10.5 million
- Iraqi super app Baly, backed by Germany’s Rocket Internet, has closed a $10.5 million funding round from Kingsway Capital, MSA Capital, Global Founders Capital, Vostok Ventures, Majid Al Futtaim and March Holding. This is the largest funding round for an Iraqi startup and Rocket Internet’s first foray into the country.
- Founded in 2021 by Munqith Alazzawi and Matteo Mantovani, Baly launched its first ride-sharing service in Baghdad last month. It plans to launch additional services like food and grocery delivery in the coming weeks.
- Super apps are gaining traction in the Middle East, attracting $158 million in investment in 2021.
Baly, Iraq’s first super app, today announced the closing of the largest funding round in Iraq’s tech history. The company, backed by German Rocket Internet, has raised $10.5 million from Kingsway Capital, MSA Capital, Global Founders Capital, Vostok Ventures, Majid Al Futtaim and March Holding. The number and class of participating investors testify to strong confidence in the team and the model in a still-nascent market.
Baly launched carpooling as the first service in Baghdad last month and already offers thousands of rides every day. Over the next few weeks, additional services, such as food and grocery delivery, will go live and Baly will expand to cover more cities across the country.
Arnd Lodowicks, CFO of Rocket Internet, said, “Baly is a world-class team for us in a hugely exciting and promising market. We look forward to supporting the company in its mission to become the leading super app in Iraq. »
Munqith Alazzawi, founding member of the team, said: “We are delighted to announce the close of our first funding round, just weeks after its launch. These funds will accelerate our expansion across the country and support the start-up of other lines of business, including food delivery in the weeks ahead. »
According to the company, Baly has already attracted more than 70 employees, including some of the best local and global talent from McKinsey, INSEAD, Cambridge University, Baghdad University and Tsinghua University.
Chief Executive Matteo Mantovani pointed out: “Iraq is home to 40 million people, with over 90% smartphone penetration among 17-40 year olds. With a young and urbanized population, it is the perfect place to revolutionize the economy through digital services.