Hi-Express, an Iraqi last-mile delivery startup, has raised a six-figure Seed funding round, from members of the Iraqi Angel Investors Network (IAIN) - Amar Shubar and Jaafar Al Musawi, along with other co-investors. This is the third facilitated investment into startups in Iraq by IAIN.
The investment was also partially matched by $20K in grants from the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH via its project “ICT for Youth in Iraq” as part of the organization's support to the Angel Network.
The last-mile delivery startup is focused on the B2B segment of the market and was founded in 2019 by Mujahid Waisi, Ameen Saleem, and Ahmed Al Alousi. Hi-Express has grown to serve more than 170 vendors over the past year empowered by its proprietary technology and the experience of its founding team.
Ahmed Al Aloosi, CEO of Hi-Express commented on the funding round, “Despite the increasing competition in the last mile market in Iraq, the size and potential of the market make it still up for grabs. Our growth over the past year is a testament to our abilities. This investment will allow us to expand our fleet and offerings to cover the whole Iraqi market, as we aim to be the trusted logistics partner to all startups and E-commerce platforms in Iraq”.
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Amar Shubar, a member of IAIN and Partner at Management Partners said, “Operations excellence is a key challenge for most companies operating in Iraq and especially the last-mile-delivery segment. The team and technology behind Hi-Express have demonstrated their ability to overcome such challenges. While currently most of the last-mile-delivery demand is driven by the increased E-commerce transactions in Iraq, Hi-Express is well-positioned to transform customer engagement and service fulfillment for a number of sectors – especially related to the government and financial service sector.”
Ali Al Suhail, Investment Manager at IAIN added, “We are very proud to facilitate the third investment through the network in a record time, it demonstrates the tech opportunity in the Iraqi market and the ability for investments to take place when the right settings are applied.”
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