Toolmart, the Iraq-based B2B e-commerce startup, has secured a seed funding round led by Plus Venture Capital and Oasis500, with participation from regional angel investors.
The investment will fuel Toolmart’s expansion across the Middle East and support team growth.
Founded in 2022 by Shawkat Shegem, Ahmed Al Hinti and Nadeem Al Salem, Toolmart was created to address inefficiencies in indirect industrial procurement. The traditional process is fragmented and often offline, leading procurement teams to spend 80% of their time on items representing just 20% of procurement value.
Toolmart’s inventory-light, capital-efficient platform streamlines sourcing using a vendor network and machine-learning algorithms that analyze purchasing behavior to offer cost-effective, fast procurement solutions.
To date, Toolmart has fulfilled over 10,000 orders, listed 35,000+ SKUs, and served 100+ enterprise clients.
“We are honored by the support of such respected investors,” said Shawkat Shegem, CEO of Toolmart.
“Their commitment reflects strong confidence in our mission to redefine industrial procurement.”
Ahmed Al Hinti, Co-Founder and COO, added:
“Our tech-first, data-driven approach enables businesses to operate more efficiently and focus on core strengths.”
In Q1 2025 alone, Toolmart achieved 38% year-over-year growth, marking its strongest quarter yet.
Hasan Haider, Managing Partner at Plus VC, commented:
“Toolmart is solving a major gap in an underserved sector. Their scalable, tech-enabled model aligns perfectly with our investment thesis.”
Luma Fawaz, CEO of Oasis500, added:
“We’re excited to back a team bringing real transformation to industrial procurement across the region.”
With zero inventory and no bad debt, Toolmart’s model supports scalable operations and strong margins, positioning it as a leader in the digitization of industrial supply chains
