The funding brings the startup’s total outside capital raised to over $1 million.
Iraq’s first e-commerce platform, Miswag, continues to thrive, with its latest achievement coming in the form of a second seed round of funding. Though the exact figure has not been disclosed, it’s believed that the latest investment brings Miswag’s total outside capital raised to over $1 million, following October 2019’s first seed round. The investment was led by Euphrates Iraq and Tabe Securities chairman, Ibrahim Taha, with participation from a consortium of Middle Eastern and US investors - the same consortium that participated in the first seed round.
It’s been a busy year for Miswag, which was founded in 2014 by Ammar Ameen and offers shoppers everything from cosmetics and accessories, to electronics and household items. In the wake of the COVID-19 pandemic, however, the platform expanded its offerings to include food and groceries.
“As the world copes with the COVID-19 pandemic, our ability to provide essential goods to Iraqis at home is more important than ever,” Ameen said of the move. “As more Iraqis stay home, they rely upon online shopping to meet their daily needs.”
A healthy, growing startup in Iraq seems unlikely at the best of times, as the country’s political turmoil continues. Over the last few years, however, Miswag has been hailed by investors for being “world-class in its approach to business and execution,” a view that is further backed by Miswag’s partnerships with the likes of Google, Careem, Cisco and Zain Cash in the past year.
“Miswag’s mission is to offer authentic products to Iraqi consumers at competitive prices, reliably delivered to their door,” Ameen added. “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.”
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