Latest news with #PlusVC
Iraq Business
4 days ago
- Business
- Iraq Business
Iraqi Start-Up secures Funding to Expand Across ME
By John Lee. ToolMart, an Iraqi-based e-commerce platform that sells tools and hardware products, has successfully closed its seed funding round led by Plus VC and Oasis500, along with prominent angel investors from across the region. The newly-secured capital will be used to accelerate the company's growth, expand its workforce, and scale operations into new markets in the Middle East. Since its launch, Toolmart has aimed to simplify industrial procurement and boost efficiency for purchasing teams. The platform has fulfilled over 10,000 orders, added more than 35,000 products, and currently serves over 100 companies across the region. This funding milestone marks a new chapter focused on platform development, enhanced customer experience, and supplier network expansion. The company expressed its appreciation to all partners and clients for their trust and support, reaffirming its commitment to reliable service delivery. (Source: ToolMart)
Iraqi News
5 days ago
- Business
- Iraqi News
Iraq's Toolmart secures seed funding to expand across Middle East
Baghdad ( – Founded by Iraqi entrepreneurs Shawkat Shegem, Ahmed Al Hinti, and Nadeem Al Salem, Toolmart has secured a seed funding round to accelerate its regional expansion. The investment, led by Plus VC, Oasis500, and local angel investors, will support team growth and help the company establish a presence in new Middle Eastern markets. Toolmart launched in 2022 with the goal of addressing the persistent inefficiencies in sourcing non-direct industrial supplies—an area that often drains time and resources despite representing a smaller share of procurement budgets. The founders, having experienced these challenges firsthand, developed a tech-driven solution to modernize this outdated process. The Iraqi startup operates with a lean, inventory-light approach, utilizing a broad vendor network and algorithmic tools to offer buyers optimal choices based on price, delivery time, and product compatibility. Having proven its model in Iraq's complex industrial landscape, Toolmart has gained traction with major players in oil & gas, construction, NGOs, and institutional sectors. The new funding will help the company scale its operations and bring streamlined procurement to more businesses across the region.
Zawya
26-05-2025
- Business
- Zawya
Toolmart secures seed funding to transform industrial procurement across the Middle East
MENA: Toolmart, a leading B2B tech startup revolutionizing how industrial supplies are sourced and procured in the Middle East, has raised a seed funding round led by Plus VC, the most active MENA VC and Oasis500, alongside prominent regional angel investors. The funding will support the company's continued growth, expanding its team, and increasing its footprints to new markets across the Middle East. Founded in 2022 by Shawkat Shegem, Ahmed Al Hinti, and Nadeem Al Salem, Toolmart was created in response to the co-founders' firsthand experience with the inefficiencies of sourcing non-direct supplies in a fragmented, largely offline ecosystem. Procurement teams often spend 80% of their time sourcing items that account for just 20% of total procurement value. Toolmart addresses this critical pain point through a tech-enabled platform that streamlines the process—acting as an extension of the procurement team to save time, reduce overhead costs, and enhance sourcing efficiency. 'We are deeply honored to have the support of such highly respected investors who not only bring unparalleled regional expertise but also a proven track record of empowering disruptive ventures,' said Shawkat Shegem, Co-Founder and CEO of Toolmart. 'Their belief in our mission and their commitment to join us on this journey serve as a powerful endorsement. We are proud to have them as partners as we strive to redefine the future of our industry." Using an inventory-light, capital-efficient model, Toolmart leverages a vast vendor network and algorithmic analysis to provide clients with the most suitable options based on price, delivery, and product fit. The system continuously improves through machine learning by analyzing purchasing behavior and historical data. 'Toolmart was born from firsthand experience with the persistent inefficiencies that have long plagued the industrial supply chain,' said Ahmed Al Hinti, Co-Founder and COO of Toolmart. 'By building a tech-first, data-driven platform, we're enabling smarter, faster, and more cost-effective procurement, empowering businesses to operate more efficiently and focus on their core strengths. 'In just over two years, we've fulfilled more than 10,000 orders, listed over 35,000 SKUs, and built a growing customer base of more than 100 enterprise clients. In Q1 2025 alone, we achieved 38% growth year-over-year, our strongest quarter to date. We are excited to build on this momentum as we set new milestones and cement our position as pioneers in industrial procurement across the region.' Toolmart's successful launch in Iraq has validated its business model in complex, high-demand markets. With strong traction among oil & gas operators, construction firms, NGOs, and institutional buyers, the company is now preparing to scale across the wider Middle East region. Commenting on the fundraising announcement, Hasan Haider, Founder and Managing Partner at Plus VC, said: 'Toolmart is addressing a significant opportunity in a sector that has long been underserved by digital innovation. The team's deep domain expertise, combined with a scalable and capital-efficient business model, positions them to lead the modernization of industrial procurement in the region. Toolmart is a strong example of our investment thesis in action, and we are proud to support Shawkat, Ahmed, Nadeem, and their team as they work hard to become leaders in this space.' Luma Fawaz, CEO of Oasis500, said: 'Toolmart is bringing much-needed innovation to a traditionally outdated sector. Their ability to streamline procurement for large enterprises through a tech-enabled, data-driven platform is impressive. The team's domain expertise, rapid traction, and clear vision for regional scale made this an exciting opportunity for us. We are pleased to support Toolmart as they continue to digitize and transform industrial procurement across the Middle East. With zero inventory and no bad debt, Toolmart's model allows it to operate at scale while maintaining strong profit margins, making it one of the most capital-efficient startups in the industrial supply chain space. About Toolmart Toolmart is a B2B procurement technology company streamlining the sourcing of industrial supplies across the Middle East. Founded by industry veterans with deep experience in manufacturing, finance, and supply chain management, Toolmart digitizes the procurement process for institutional buyers through a scalable, inventory-light platform. For any further information on Toolmart, please contact: Name: Shawkat Shegem Title: CEO Email: Website URL:
CairoScene
25-02-2025
- Business
- CairoScene
Lola Raises $1.3M to Expand Cake Ordering in Saudi Arabia
Lola Raises $1.3M to Expand Cake Ordering in Saudi Arabia Lola, a Bahrain-based cake-ordering startup, has secured $1.3 million in pre-seed funding to accelerate its expansion in Saudi Arabia. The round was led by Vision Ventures and Plus VC, alongside angel investors. Founded in September 2023 by Othman Janah in Bahrain, Lola gained traction with a mobile app that lets users design highly customisable cakes in minutes. With thousands of design combinations available, the app simplifies the process while giving users full creative control. The company expanded to Riyadh in July 2024, followed by the UAE in December 2024. "The cake industry is vast and fiercely competitive, but Lola has always been about baking memories, not just delivering a product,' said Othman Janahi, Founder and CEO of Lola. 'Since its launch, Lola has experienced rapid growth, increasing five times its size and market share in terms of cakes baked and occasions celebrated - and that's just the beginning. As the demand for personalised gifting solutions continues to grow, Lola remains committed to setting new industry standards, delivering unparalleled customisation options and ensuring that every celebration has Lola as its centrepiece." The online cake-ordering market has seen significant changes in recent years, as personalisation and convenience continue to influence consumer behavior. Traditional bakeries have relied on in-store consultations and phone orders, which can lead to miscommunications or limited creative options. Lola introduced an app-driven model that allows customers to see their designs before placing an order. 'We can all see how ordering cake today is awkward to both the client and the bakery,' said Kais Al Essa, Founding Partner and CEO at Vision Ventures. 'We always love it when technology is used to solve real-life problems and make life easier for people. We believe Lola's approach to cakes is disruptive and therefore envision that in the future Lola will empower cake making everywhere.' The company's next steps include enhancing its platform, optimising logistics, and expanding its team to strengthen its presence in Saudi Arabia and the wider GCC market. The company is set to broaden its footprint in key Saudi cities, starting with Jeddah and the Eastern Province, to reinforce its position in the Kingdom as it builds a gifting ecosystem tailored to the region.
CairoScene
24-02-2025
- Business
- CairoScene
Lola Raises $1.3 Million to Expand Cake Ordering in Saudi Arabia
The Bahrain-based startup is scaling up in Saudi Arabia with a tech-driven, fully customizable cake-ordering platform. Feb 24, 2025 Lola, a Bahrain-based cake-ordering startup, has secured $1.3 million in pre-seed funding to accelerate its expansion in Saudi Arabia. The round was led by Vision Ventures and Plus VC, alongside angel investors. Founded in September 2023 by Othman Janah in Bahrain, Lola gained traction with a mobile app that lets users design highly customisable cakes in minutes. With thousands of design combinations available, the app simplifies the process while giving users full creative control. The company expanded to Riyadh in July 2024, followed by the UAE in December 2024, and is now planning further growth in Saudi Arabia, with Jeddah and the Eastern Province as its next targets. "We are thrilled to have such experienced and knowledgeable investors who share our vision," said Othman Janahi, Founder and CEO of Lola. 'Their belief in our mission has helped us cross a significant milestone in raising this round. Beyond capital, their strategic insights and seasoned guidance are invaluable as we drive forward.' Since launching, Lola has grown fivefold in both market share and cakes baked, tapping into rising demand for personalised gifting solutions. The company's next steps include enhancing its platform, optimising logistics, and expanding its team to strengthen its presence in Saudi Arabia and the wider GCC market.
