Founded in 2014, Miswag was the first e-commerce business in Iraq, and it continues to lead the market for the seventh year in a row. Building upon its impressive early growth, Miswag has already doubled its year-on-year revenue in 2021 and tripled its user base since early 2020. The funding from this round will be deployed to expand the company’s commercial and technological arms to accelerate the company’s revenue growth fivefold by mid-2022. The team will be hiring key talent in essential roles such as application development and senior positions in its commercial and financial departments. Geoffrey Batt, managing partner at Euphrates Advisors; Iraq’s largest international fund, also added: “The Leadership team in Miswag have the talent, drive, and expertise to build Iraq’s first e-commerce national champion, and we are excited to play a role in helping everyone at Miswag achieve this objective.”

Miswag has positioned itself as the digital home for all international and local brand retailers looking for access to the Iraqi market. It guarantees authentic products from significant distributors to satisfy the growing market demand for high-quality products. Miswag has differentiated itself by focusing on fast delivery and excellent packaging in a country that lacks proper in-country logistics infrastructure nor parcel shipping standards.

“It’s been exciting to watch Miswag’s place itself as one of the top technology companies in Iraq amidst some challenging circumstances. The ecosystem has seen a steady rise in recent years through both the creation of new startups but also the entry of regional and international players. I’m confident this will have a positive impact on the ecosystem at large and create more investment in Iraq’s technology sector.” said Mohammed Al-Khudairi, managing partner in Al-Khudairi’s group; one of Miswag leading investors.

Source Credit: Wamda