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The Iraq-based e-commerce business Orisdi raised a $220,000 bridge round in January 2023 to reinforce the continuous growth of the business and the growing potential of e-commerce in Iraq.

The round included new investors like 3B Starlight Investment, Ahmed Gorani, Naveed Pasha, Hassan Al Shawaf, Ali Jawad, Zaid Al Khatib, and others, and existing investors like Al Sharqiya TV Group, Amar Shubar, Ahmed Al Kiremli, Nour Sabri, Rayya Al Zubaydi, and Zainab Kufaishi.

The total investment raised by Orisdi so far is more than $1 million.

Orisdi describes itself as a leading vertically integrated e-commerce store in Iraq that offers buyers a convenient shopping experience for a wide range of products to disrupt the Iraqi retail market.

Orisdi is focused on multiple categories, including perfumes, cosmetics, appliances, stationery, and electronics.

Ahmed Al Kiremli, the Founder & CEO of Orisdi, commented:

"We have been focused on improving efficiency and increasing margins, and our efforts have paid off. We are now averaging 28-31% margins and are well positioned for growth in a market with strong growth potential for e-commerce. ... In addition, we are launching our new division of cross-border commerce soon."

Nour Sabri, the first investor of Orisdi who first invested in 2019 and then participated in all of the following investment rounds, commented:

"Orisdi is growing efficiently and on its way to profitability. Orisdi team demonstrated they could achieve more with less, which is impressive for such a young company. I am excited to be part of their journey."

Ali Jawad, one of the new investors of Orisdi, commented:

"Ignoring the huge potential in the Iraqi market, especially e-commerce, is a huge mistake. That's exactly why I'm investing in Orisdi."

Al Kiremli added:

"We successfully developed an efficient growth formula, each $1 invested in our growth plans is generating $3.5-$4.5 in net GMV, which is an important milestone; this will provide a more attractive opportunity for local, regional and international investors looking for exposure to Iraq's e-commerce future."

The company said it, "remains open to raising additional funds to facilitate the company's growth."

(Source: Orisdi)

The Iraq-based e-commerce business Orisdi has raised a new six figure investment round that included the participation of existing and new investors.

The round was facilitated by the Iraqi Angel Investors Network (IAIN) and served to reinforce the continuous growth of the business and the growing potential of e-commerce in Iraq.

The round saw the return of existing investors, including Al Sharqiya TV, Mohamed Shaikley, Amar Shubar, Nour Sabri, Kerem Danish, Omar Al Handal from Al Handal International group, and Bassam Falah from Innovest Middle East to reaffirm their commitment to the company. The round also saw the participation of new investors, including Mohamad Ferej, Rayya Al Zubaydi, and others. Ferej is a tech industry veteran and has held leading roles in Ericsson, Lumentis, and Transmode and experienced a successful M&A and IPO.

Orisdi is a leading vertically integrated e-commerce store in Iraq that offers buyers a convenient shopping experience for a wide range of products to distupt the Iraqi retail market. Orisdi is focused on multiple categories including perfumes, cosmetics, appliances, stationery and electronics, amongst others.

The Total Addressable Market ("TAM") for e-commerce in Iraq has been growing rapidly on the back of a young population that is increasingly internet savvy. Statista estimates the TAM to be $5.667B in 2022 and is expected to grow to $8B over the coming three years.

Ahmed Al Kiremli (pictured), the Founder & CEO of Orisdi, commented:

"We plan to continue to focus on our winning categories as a vertically integrated e-commerce store and to offer only genuine brands".

He added that the company continues to be the most efficient e-commerce player in Iraq in terms of units of economics compared to its competitors through continuous learning and processes optimization and that the business is approaching the break-even point.

Mohsen Khairaldin Garica, Managing Director of Investments at Al Sharqiya Group and a member of the Iraqi Angel Investors Network, commented:

"I believe we will soon see an increase in M&A opportunities in the Iraqi e-commerce market as ventures like Orisdi and its competitors mature. Mohammed Shaikley, one of the early and returning investors of Orisdi ... We are happy to see the rising interest and involvement of regional VCs in Iraq during the last 12 months. Iraq has a big potential as a tech market with an underserved population of over 42 million".

Al Kiremli added:

"We were able to overcome an important milestone by completing the company registration at Abu Dhabi Global Markets (ADGM); this will provide a more attractive legal structure for regional and international VCs looking for exposure to Iraq's e-commerce future."

So If you are an angel investor or a VC interested in investing in the Iraqi tech ecosystem, Orisdi remains open to raising additional funds in order to facilitate the scaling of the company.

The investment has been facilitated by the Iraqi Angel Investors Network, an initiative by Kapita sponsored by the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH via its project "ICT for Youth in Iraq".

(Source: IAIN)

By John Lee.

Iraqi e-commerce company Orisdi has signed a six-figure deal with Al Sharqiya TV.

Sharqiya is one of the largest media groups operating in Iraq, having launched the country's first fully independent privately-owned satellite TV channel in 2004, complemented by the addition of the Sharqiya News channel in 2008.

The investment round was facilitated through the Iraqi Angel Investors Network (IAIN) and included a matching grant from Germany's Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) via its "ICT for Youth in Iraq" project, as part of the organization's support to the Angel Network.

Orisdi was founded in February 2019 by Ahmed Al Kiremli and Hala Usama and launched in May 2019. It focuses on providing its customers with a wide range of products with a unique customer experience. The business was bootstrapped at the start, then received investment by a group of angel investors before receiving funding from institutional investors.

According to the press release, it has now reached seven figures in net sales, with over 37,000 product SKUs, making it the fastest-growing e-commerce store in Iraq.

As part of its investment, Al Sharqiya will promote Orisdi's brand through regular TV spots, across its social media pages, in addition to complimentary coverage of Orisdi and the e-commerce, technology, digital innovation and general business startup scene in Iraq on Al Sharqiya's suite of reality TV shows, and news programming.

Investors in Orisdi include Innovest Middle East VC and a group of angel investors, including Amar Shubar, a partner at Management Partners Consulting, and Omar Al-Handal, the Managing director of Al Handal International Group.

Orisdi is the first place winner of the grant of the Spring 2021 cohort of Takween Accelerator - the leading program for tech startups in Iraq. Takween is supported by the European Union and the French Ministry of Foreign Affairs, Implemented by the Expertise France, and hosted at the American University of Iraq, Sulaimani (AUIS).

Advisory support to this transaction was provided through USAID's Durable Communities and Economic Opportunities (DCEO) project, with implementation from CrossBoundary. The support helped Orisdi respond to investor questions through the due diligence process around the company's operating and financial model. Jad El Jamous, a strategic startup advisor, provided additional guidance to Sharqiya during this period, enabling the transaction to progress smoothly.

Nour Sabri, an angel investor, said:

"I am impressed by Orisdi's growth and potential to become the Amazon of Iraq. I believe that with Al Sharqiya's partnership the company will be able to head towards new heights."

Mohsen Khairaldin, Managing Director for Investments at Al Sharqiya Group, said:

"We are delighted to partner with Orisdi as part of our growing interest in supporting the digital start-up sector in Iraq and the vital contributions private-sector companies can make towards solving day-to-day challenges for Iraqis. As one of Iraq's leading and fastest growing e-commerce players, we believe that Orisdi provides a valuable service that more Iraqis can benefit from as awareness of its brand increases over time".

Ahmed Al Kiremli, Co-Founder & CEO of Orisdi says:

"Al Sharqiya's partnership with Orisdi is a significant and strategic milestone for us. It will enhance our standing with both customers and investors and will open new doors in terms of exposure and awareness from millions of Al Sharqiya's viewers across its TV and digital platforms that will generate new customer segments and scale our sales."

Ali Al Suhail, the Network Manager for the Iraqi Angel Investors Network commented:

"As KAPITA, we are very happy to see leading Iraqi businesses investing in local startups, Iraq holds huge potential as a digital market but capital will be critical in unlocking this potential."

(Source: Kapita)

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)