Baly, Iraq’s first superapp, closed the largest seed round in the tech history of Iraq. The company, backed by Germany’s Rocket Internet, raised USD 10.5 million from Kingsway Capital, MSA Capital, Global Founders Capital, Vostok Ventures, Majid Al Futtaim, and March Holding. The amount and the class of participating investors signal strong confidence in the team and model in a still nascent market.

Location: Baghdad

Established: 2021