Flag Alexa's competitor raised (4)
I believe the answer is:
iris
'flag' is the definition.
(type of iris flower)
I don't understand the remainder of the clue.
Can you help me to learn more?
(Other definitions for iris that I've seen before include "Coloured part of the lamp" , "Nice flower or eye part" , "Goddess of the rainbow in the eye" , "Lily" , "Flower and eye membrane" .)