Baghdad: Miswag – the Iraq-based E-commerce platform, has announced the successful closing of its second round of Seed funding. This brings the total outside capital raised by Miswag since 2019 to more than $1M
Coordinated by Iraq Tech Ventures and led by Euphrates Iraq Fund and Shwan Ibrahim Taha, Chairman of Rabee Securities, the round was funded by the same consortium of institutional and individual investors from the Middle East and US that participated in Miswag’s first Seed round in October 2019.
Other investors included Rawaz Rauf of Hiwa Rauf Group, Hal Miran of MSELECT & TechHub, Mohammed & Subhi Khudairi of Khudairi Group, Ahmed Munaf of HRiNS, and Mujahed Waisi of KAPITA.
Founder and CEO of Miswag, Ammar Ameen, commented, “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 caliber is a validation of our business model and the incredible talent and dedication of the Miswag team. This current round of funding will be used to expand our infrastructure including our warehousing, strengthen our technology, and develop new vendor partnerships and increase the variety of products we offer. Since our first seed fund, Miswag has achieved a steady 25% growth rate month-on-month and an average of 8 million visits monthly.”