Hi-Express, an Iraq based last mile delivery startup particularly focused on the B2B market segment secured six figures funding on 13th January 2021. The funding was led by Iraqi Angel Investors Network (IAIN).
With the raised seed funding, they are looking forward to utilizing the tech opportunity in the Iraqi market.
Ahmed Al Aloosi, the CEO of Hi-Express, said “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”.
This was the third facilitated investment by IAIN into the Iraqi startups. The investors included Amar Shubar and Jaafar AI and a few other co investors. As a part of the organization’s support to the Angel Network, it was also partially matched by a US$ 20,000 grant from Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH through its “ICT for Youth in Iraq” project in addition to this investment.
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, 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 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, said “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”.
Hi-Express was founded in 2019 by Mujahid Waisi, Ameen Saleem and Ahmed Al Alousi. The last mile delivery startup primarily focuses on the B2B segment of the market. The company has grown over the past year and is presently serving more than 170 vendors empowered by its proprietary technology and the deep experience of its founding team.
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