Lezzoo, Iraq-based delivery and e-payment platform last week raised a 7-figure sum in a seed funding round led by Northern Gulf Partners and the California-based Pay It Forward Venture Capital. The company is aiming to become Iraq’s first super app.
Founded in 2017 by Ala Battal, Rekar Botany, and Yadgar Merani, Lezzoo delivers prepared food, groceries, and pharmaceuticals in several Iraqi cities. Their recently launched payment service called Lezzoo Pay is aiming to disrupt Iraq’s predominantly cash-based society by bringing digital transactions to a population that is majority unbanked.
In August 2019, Lezzoo raised $150,000 in a pre-seed investment round from Silicon Valley’s Y Combinator – becoming the first Iraqi startup accepted by the renowned accelerator programme. A few angel investors and family offices in the USA, Europe, and the Middle East had also joined the seed funding round for Lezzoo.
Commenting on the latest investment round, Yadgar Merani, co-founder & CEO of Lezzoo in a statement, said,
“We are using technology to solve the biggest logistical challenges in people’s daily lives. This investment will allow us to expand across the country while also rolling out new verticals. By integrating deliveries, transportation, payments, and other services we are on our way to becoming the super-app for Iraqis.”
Speaking of their confidence and trust in Lezzoo, Zaab Sethna, partner at Northern Gulf Partners, quoted,
“Lezzoo has a forward-thinking, creative and dynamic team of founders and we are excited to back them. Iraq is a country with a young, connected, and increasingly sophisticated population. Incomes are rising but the barriers to entry remain high and this gives an advantage to home-grown firms.”
Adding to that, Raaid Hossain, General Partner of Pay It Forward Venture Capital, said,
“We are proud and privileged to be able to back Lezzoo, a company that challenges the status quo by providing a best in class delivery experience for consumers, as well as drives the spirit of digital entrepreneurship in Iraq. We believe that a connected service industry, especially during times of restricted movement due to COVID-19, is paramount to staying safe, healthy, and feeling a sense of comfort. We truly believe Yadgar and the team are doing their part to make the world a better place.”
