Iraq-primarily based e-commerce platform Miswag has closed its 2d spherical of seed funding. The spherical was led through Euphrates Iraq Fund and Shwan Ibrahim Taha, chairman of Rabee Securities, with participation from the identical consortium of institutional and man or woman buyers from the Middle East and the US that participated withinside the business enterprise’s first seed spherical in October 2019.
This spherical, co-ordinated through Iraq Tech Ventures, brings Miswag’s overall outside capital raised to over $1 million.
Founded with the aid of using Ammar Ameen in 2014, Miswag gives merchandise starting from cosmetics, accessories, electronics, and family goods. It has currently elevated into meals and grocery gadgets in reaction to the demanding situations Iraqis face getting each day necessities because of Covid-19.
“As the world copes with the Covid-19 pandemic, our ability to provide essential goods to Iraqis at home is more important than ever. As more Iraqis stay home, they rely upon online shopping to meet their daily needs,” said Ameen.
Over the beyond year, the business enterprise has partnered with Google, Careem, Zain Cash, AsiaHawala, Switch, Cisco, and American Garden. It has carried out a regular 25 per cent increase rate month-on-month and a median of eight million visits month-to-month since its first seed fund spherical.
“Miswag’s mission is to offer authentic products to Iraqi consumers at competitive prices, reliably delivered to their door. Investing in cutting-edge technology, Miswag has become a reliable channel for Iraqi vendors to reach customers all over the country. Our ability to attract capital from investors of this calibre is a validation of our business model and the incredible talent and dedication of the Miswag team,” said Ammar Ameen, CEO at Miswag.
These new price range might be utilised to broaden the business enterprise’s present infrastructure, toughen its technology, broaden new vendor partnerships, and extend its product offering.
“Talented and resourceful Iraqi entrepreneurs are building some of the most exciting new businesses in emerging markets. Within this space, Miswag stands out. We are thrilled to back Ammar and his team as they work to meet the everyday needs of a fast-growing and increasingly sophisticated consumer population across Iraq,” said Grant Felgenhauer of Euphrates Iraq Fund.
“In a chaotic environment like Iraq, Miswag has proven itself to be world-class in its approach to business and execution capabilities,” said Taha Mohammed Khudairi, CEO of Iraq Tech Ventures. ”We are strong believers in Miswag and in Iraq’s transition to a more digitally-driven economy. We are proud to have been part of the first syndicated investment into an Iraqi technology business.”
