Iraq-based e-commerce platform Miswag has closed its second round of seed funding. The round was 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. Other investors included Rawaz Rauf of Hiwa Rauf Group, Hal Miran of MSELECT and TechHub, Mohammed and Subhi Khudairi of Khudairi Group, Ahmed Munaf of HRiNS and Mujahed Waisi of KAPITA.
This round, co-ordinated by Iraq Tech Ventures, brings Miswag’s total outside capital raised to over $1 million.
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.
“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 past year, the company has partnered with Google, Careem, Zain Cash, AsiaHawala, Switch, Cisco, and American Garden. It has 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.
“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 funds will be utilised to develop the company's existing infrastructure, strengthen its technology, develop new vendor partnerships, and expand 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.”