Baghdad – Saydo, a leading B2B marketplace in Iraq, has been been bought by Lezzoo for an undisclosed amount, according to a recent announcement.
The third-largest economic sector in Iraq is food, and this acquisition represents a critical step for Lezzoo toward its B2B development objectives. Lezzoo is working to digitize the food supply chain in Iraq.
The company’s development plans are set to begin with this purchase as it works toward its aim of being the leader in B2B e-commerce in emerging nations, starting with Iraq, and creating a regional network that can link buyers and sellers from other regions.
Saydo was launched in August 2021 by Gillian Harshami and Mohammed Azeed, who have a wealth of startup and e-commerce expertise with an emphasis on B2B industries. They were the first in the business to make it possible for more than 1,000 merchants to buy whatever they require from the platform’s more than 700 items online.
The two entrepreneurs have created a merchant network of more than 2,300 businesses, including restaurants and stores, using Lezzoo’s existing network. In just six months, Saydo and Lezzoo have increased their GMV by 40% month over month while maintaining a 75%+ retention rate.
Founded by Yadgar Merani, Lezzoo has secured a total capital of $1.1 million from investors including YCombinator, VC Pay it Forward of Los Angeles, and VC Northern Gulf Partners of New York. Based in Erbil, Lezzoo also raised a bridge round in the middle of 2021, with current investors and an angel syndicate from the UAE taking part in the deal.
Source : Iraqi News
