Iraqi e-Commerce Store gets New Funding

Orisdi, a leading e-commerce store in Iraq, has successfully raised a six-figure bridge round.

Iraqi Innovators reports that the round was led by Innovest Middle East VC and a group of angel investors including Amar Shubar, Partner at Management Partners Consulting, and Omar Al-Handal, Managing director of Al Handal International Group.

Orsidi was founded in February 2019 by Ahmed Al Kiremli, Hussain Ali and Azer Al Akaish. It focuses on providing customers with a wide range of products and a unique customer experience. The three founders bootstrapped the e-commerce startup that has now reached an impressive seven figures in net sales.

With over 30,000 products, Orsidi is the fastest-growing e-commerce store in Iraq. Orisdi's compound monthly growth rate since launching has been 23%, with a plan to grow an additional 15% month by month.

Prior to the bridge funding round, Orisdi received a seven-figure valuation by raising a six-figure seed round led by local and international angel investors. The investors included Nour Sabri from IBM, Mohammed Shaikley, Kerem Danish from Mr Usta, Ammar Jaafer from Colors, and Ahmed Emad from ITC.

More here.

(Source: Iraqi Innovators)

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