Syrian Startup Labby Raises $10 Million in First Direct Foreign Investment for a Local Tech Startup
Syrian startup Labby has secured a $10 million investment through a strategic partnership with investors from the United Arab Emirates and Saudi Arabia, becoming the first Syrian technology startup to receive direct foreign investment, according to Syria's Ministry of Communications and Information Technology.
The investment was announced during an official ceremony held at Khan Suleiman Pasha in Damascus under the patronage of the Ministry of Communications and Information Technology. The deal marks one of the earliest signs of growing regional investor interest in Syria's technology sector following the launch of the country's National Technology Startup Agenda earlier this year.
Minister of Communications and Information Technology Abdul Salam Haykal described the investment as an important milestone for Syria's digital economy, reflecting increasing confidence in the local market and Syrian technical talent. He noted that after nearly fifteen years away from the global venture capital landscape, Syria is working to build a new chapter driven by entrepreneurs, investors, and supportive regulatory frameworks.
Building Syria's First Super App
Founded by Mahmoud Fawaz, Labby is developing what it describes as Syria's first super app, designed to integrate multiple everyday services into a single digital platform.
The application is expected to launch within the coming weeks, initially offering ride-hailing and food delivery services, before expanding into grocery delivery and additional consumer services. The company's vision is to simplify access to everyday services through a unified digital ecosystem tailored to the Syrian market.
The name Labby, inspired by the Arabic concept of responding promptly to requests, reflects the company's ambition to become an everyday digital platform serving millions of users.
Strengthening Syria's Digital Economy
Amer Al-Zoubi, one of the company's investors, said the investment was driven by confidence in Syrian talent, particularly in software development and digital products, as well as belief in the long-term potential of Syria's digital economy.
The investment aligns with broader government initiatives to attract technology investments. In April, Syria's Ministry of Communications and Information Technology launched the National Technology Startup Agenda, aimed at strengthening legislation, supporting innovation, and creating new opportunities for entrepreneurs operating in the country's emerging technology sector.
