Orisdi Raises Six-Figure Bridge Round
We are delighted to announce that Orisdi, an E-commerce startup based in Iraq, has raised a six-figure bridge round, led by Innovest Middle East 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.
Founded in February 2019 by Ahmed Al Kiremli, Hussain Ali and Azer Al Akash, Orsidi focuses on providing customers with a wide range of products and a unique customer experience. The three co-founders bootstrapped the E-commerce startup that now has over 30,000 product SKUs, along with a 23% compound monthly growth rate since its launch and the team is planning to grow an additional 15% month over month.
The founders saw a gap in the market for a trusted local E-commerce platform site, due to the risk involved in products sold online via social media platforms.
As the E-commerce industry is still relatively new in Iraq, Orisdi focuses on being a customer-centric company and extending its customer lifetime value. It aims to offer a great customer experience by providing various benefits such as a 48 hours return and exchange policy with no shipping fee, closing the gap of the customers who lack trust in online shopping in Iraq.
Ahmed Al Kiremli, Co-Founder & CEO of Orisdi commented on the new round, "Orisdi’s vision is to be the Amazon of Iraq, and what will enable us to achieve this big vision is our customer obsession approach, the brand, product range, our cutting edge marketing techniques and the efficiency of our processes. Our top priority is putting customer needs and convenience at the center of everything we do across all departments by providing a great customer experience as a customer-centric company."
Bassam Falah, Founder and Managing Partner of INNOVEST Middle East said, "Innovest has been one of the first regional VCs to enter the Iraqi market, and despite all challenges, our long-term outlook remains optimistic about the potential and business opportunities in Iraq. Our recent investment in Orisdi is yet another testament to our continued belief in Iraq’s startup ecosystem and its young and promising talents."
We wish Orisdi holding team all the success & shall work with them hand in hand to expand their business across Iraq, and hopefully into the region.
For more information about this bridge round, kindly check the below links:
By Wamda - CLICK HERE --> https://bit.ly/3LIgTdB