- Iraq-based on-demand delivery app Lezzoo has acquired the compatriot marketplace Saydo, for an undisclosed amount.
- The acquisition marks Lezzoo’s move toward its B2B expansion plans as it works to digitise Iraq's food supply chain.
- Founded in 2017 in the Kurdistan region of Iraq by Yadgar Merani, Lezzoo has raised a total of $1.1 million in funding, with an aim to build a super-app, starting with an on-demand delivery service for food, beverages, groceries and pharmaceuticals to its users in Iraq. Meanwhile, Saydo, founded in 2021 by Gillian Harshami and Mohammed Azeed founded Saydo, is a B2B e-commerce marketplace that connects buyers and sellers across multiple markets.
Lezzoo has announced that it has acquired Saydo; the leading B2B marketplace in Iraq.
This acquisition represents a strategic move for Lezzoo toward its B2B expansion plans as it works to digitize Iraq's food supply chain, food is Iraq's third-largest economic sector.
This acquisition marks the start of multiple expansion activities for the company toward its vision of leading B2B e-commerce in emerging markets, beginning with Iraq, and enabling a regional network to connect buyers and sellers across multiple markets.
Gillian Harshami and Mohammed Azeed founded Saydo in August 2021 with extensive e-commerce and startup experience, with a focus on B2B markets. They led the company in allowing over 1,000 merchants to digitally procure all of their needs across the platform's more than 700 products. With Lezzoo’s existing network the two startups have built a merchant network of 2300+ consisting of both restaurants and retailers. Within 6 months Saydo and Lezzoo have managed to achieve a GMV growth rate of 40% MoM, with a monthly retention rate of 75%+.
Yadgar Merani, Founder and CEO of Lezzoo mentioned "We are excited to join forces with Gillian and Mohammed and the amazing team at Saydo, their hyperlocal understanding of the Iraqi market is profound, and we believe that our visions are in harmony toward reinventing the B2B ecosystem across the region."
He added. “We are committed to innovate in our space and continue on our mission of building an end-to-end solution for restaurants and retailers in Iraq with the leverage of our technology.”
Gillian Harshami, Saydo's founder and CEO, stated, "Saydo's journey has been rewarding by providing clever supply chain solutions to businesses in Kurdistan and Iraq." Today, we are joining forces with Lezzoo to create a stronger entity with a solid footprint, network, and technological capabilities in the region."
Since its outset, Lezzoo has raised a total of $1.1 million in funding led by Ycombinator, Los Angeles-based VC Pay it Forward, and New York-based VC Northern gulf partners. Furthermore, Lezzoo raised a bridge round in mid-2021 with a UAE-based angel syndicate and its existing investors participating in the round.