The Iraqi Angel Investors Network (IAIN) announced its third facilitated investment into startups in Iraq.
The members of the network; Amar Shubar and Jaafar Al Musawi, along with other co-inventors, have made a six figures investment into Hi-Express.
In addition, the investment was partially matched by a USD 20,000 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.
Hi-Express is a last mile delivery 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 deep experience of its founding team.
Ahmed Al Aloosi, the CEO of Hi-Express, has commented:
"Despite the increasing competition in the last mile market in Iraq, the size and potential of the market makes it still up for grabs. Our growth over the past year is a testament to our abilities".
Mujahid Waisi added:
"This investment will allow us to expand our fleet and offerings to cover the whole Iraqi market, we aim to be the trusted logistics partner to all startups and e-commerce platforms in Iraq".
Amar Shubar, a member of IAIN and Partner at Management Partners, has commented:
"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 has demonstrated its 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, the Investment Manager at IAIN, commented:
"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".