Syrian technology startup Labby has announced a $10M investment, in what officials described as the country’s first direct external investment in a startup. The investment was disclosed at an event in Damascus, held under the sponsorship of Syria’s Ministry of Communications and Information Technology and attended by regional investors from KSA and the UAE.
The investment agreement is intended to support Labby’s growth and contribute to Syria’s digital transformation, according to the announcement. The company is building a “super app” designed to bring multiple daily services onto one platform.
Labby founder Mahmoud Fawaz said the app is expected to launch within weeks. Its first services will include taxi bookings and food delivery, with grocery delivery and other features planned for later stages.
Investor Amer al-Zoubi said the investment reflects confidence in Syrian talent, particularly in software and application development, as well as the potential of the country’s digital economy.
The deal comes as the ministry works to establish a framework for supporting technology startups and attracting investment. The ministry launched Syria’s national technology startup agenda in April to coordinate efforts around regulation, entrepreneurship and digital innovation.
Source: SANA
