Syria-based super app Labby has raised $10 million from a group of UAE and Saudi investors, in what officials describe as the first direct foreign investment in a Syrian technology startup, marking a milestone for the country's emerging startup ecosystem.
Founded in 2024 by Mohammad Fawaz, Labby operates a super app that integrates services including ride-hailing, food delivery, e-commerce, digital payments and other on-demand offerings into a single platform, serving consumers across Syria.
The fresh capital will be used to accelerate product development, expand the platform's digital services, strengthen its technology infrastructure, and support its expansion across the Syrian market while contributing to the country's digital transformation.
Press release:
Syrian super app Labby has secured a $10 million investment from a consortium of investors from the UAE and Saudi Arabia, in what Syrian officials have described as the country's first direct foreign investment in a technology startup. The transaction marks a significant milestone for Syria's nascent startup ecosystem as international investors begin backing locally built technology companies.
