UAE and Saudi Investors Back Syrian Super App Labby with $10 Million

Syrian software startup Labby secured $10 million from investors in the United Arab Emirates and Saudi Arabia. The transaction marks the first direct foreign investment into a technology company operating within the country.

Mohammad Fawaz founded Labby in 2024 to consolidate ride-hailing, food delivery, e-commerce, and digital payments into a single mobile application. The company will direct the new capital toward recruiting engineering talent, upgrading its underlying software, and expanding its service footprint across the Syrian market.

The multi-service model works well in emerging markets by bundling daily utilities, which directly lowers the cost to acquire and retain users. A consumer downloading Labby for transportation can easily transition to ordering food or processing digital payments under the same account.

This centralized approach removes the friction of downloading and managing multiple disconnected applications. For local merchants, drivers, and delivery workers, Labby provides a unified digital storefront to reach a wider consumer base.

Securing Gulf capital represents a notable shift for Syrian founders, who historically operate with zero foreign venture funding. The transaction demonstrates that regional backers will finance startups in difficult business environments provided the founders build practical products for local consumer needs.

As Labby rolls out its digital payment tools, the platform expects to bring more consumers and independent merchants into the formal digital economy.