Rocket-Backed Startup Scores Largest Funding in Iraq History
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A three-month old startup co-founded by a McKinsey & Co. alumnus said it completed what could be the largest funding round ever in Iraq’s nascent technology sector.
Baly, which describes itself as Iraq’s first super-app and is backed by German tech incubator Rocket Internet SE, offers ride-hailing in Baghdad and is in the process of adding new services like food and grocery delivery. It raised $10.5 million in seed funding from Kingsway Capital, MSA Capital, Global Founders Capital, Vostok Ventures, Majid Al Futtaim and March Holding.