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Syria's technology sector has achieved a major milestone in its digital economy transition following the signing of a $10 million foreign venture investment deal to launch the super-app "Labby." The transaction marks the first external venture capital investment directed into a tech startup within the country.

The official signing ceremony took place under the auspices of the Syrian Minister of Communications and Technology, Abdul Salam Haykal, at the historical Khan Sulayman Pasha in Damascus. The event brought together Labby's co-founders, Eyad Al-Kassar and Mahmoud Al-Fawz, alongside prominent Syrian entrepreneurs and international investors.

Deal Summary

Metric / DetailInformation

Startup NameLabby (Super-App)

Investment Value$10 Million

Transaction TypeForeign Venture Capital Investment

Co-FoundersEyad Al-Kassar & Mahmoud Al-Fawz

Sign-Off LocationKhan Sulayman Pasha, Damascus

Government Support & Policy Vision

Addressing attendees at the ceremony, Minister Abdul Salam Haykal noted that the investment establishes a new paradigm for domestic development and demonstrates growing foreign investor trust in Syria's emerging tech ecosystem.

"This investment marks a new phase of economic development and reflects growing investor confidence in Syria's business environment. The national IT development program remains focused on providing a supportive foundation for startups by establishing clear legislation, facilitating operations, and attracting foreign capital." — Abdul Salam Haykal, Minister of Communications and Technology.

The government continues to prioritize regulatory modernization to streamline administrative procedures for early-stage companies and foster an ecosystem conducive to technological innovation.