ⓘ Featured image: Ammar Ameen, Founder of Miswag; Credits: Startup Grind Najaf, Iraq
Iraq-based e-commerce platform Miswag on Tuesday, 29 September 2020 announced that the company has closed its second round of seed funding, led by Euphrates Iraq Fund, and Shwan Ibrahim Taha, chairman of Rabee Securities, with participation from the same consortium of institutional and individual investors from the Middle East and the United States that participated in the company’s first seed round in October 2019.
The amount of the seed funding is not disclosed yet but based on a statement published on Wamda, the total funding raised by Miswag is $1 million, including the latest seed funding round.
Founded by Ammar Ameen in 2014, Miswag offers products ranging from cosmetics, accessories, electronics, and household goods. It has recently expanded into food and grocery items in response to the challenges Iraqis face getting daily essentials due to Covid-19.
Speaking of the development for Miswag, Ameen in a statement said,
“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,”
Over the past year, the Miswag has partnered with a number of giants including Google, Careem, Zain Cash, AsiaHawala, Switch, Cisco, and American Garden. The company claims to have achieved a steady 25 per cent growth rate month-on-month and an average of 8 million visits monthly since its first seed fund round.
Talking about the vision for Miswag, Ameen further added,
“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,”
These new funds will be utilised to develop the company’s existing infrastructure, strengthen its technology, develop new vendor partnerships, and expand its product offering.
Grant Felgenhauer of Euphrates Iraq Fund, said,
“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,”
Sharing his views, Taha Mohammed Khudairi, CEO of Iraq Tech Ventures, stated,
“In a chaotic environment like Iraq, Miswag has proven itself to be world-class in its approach to business and execution capabilities. 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.”