Toolmart, an Iraq-based B2B e-commerce startup revolutionizing industrial supply sourcing, has raised a seed funding round led by Plus VC and Oasis500, alongside regional angel investors. Founded in 2022 by Shawkat Shegem, Ahmed Al Hinti, and Nadeem Al Salem, Toolmart’s platform streamlines procurement by cutting sourcing time and costs through a tech-driven, inventory-light model.
The startup addresses inefficiencies in traditional procurement where teams spend excessive time sourcing low-value items. Leveraging a vast vendor network and machine learning, Toolmart offers data-driven product recommendations based on price, delivery, and fit. It has fulfilled over 10,000 orders, listed 35,000 SKUs, and grown to 100+ enterprise clients, achieving 38% year-on-year growth in Q1 2025.
With strong traction among oil & gas operators, construction firms, NGOs, and institutional buyers, Toolmart plans to scale across the wider Middle East. The funding will fuel team expansion and market growth.
Plus VC’s Hasan Haider praised Toolmart’s scalable, capital-efficient model and domain expertise as key to modernizing industrial procurement in the region. Oasis500’s CEO Luma Fawaz highlighted the company’s rapid traction and clear vision to digitize a traditionally outdated sector.
Operating with zero inventory and no bad debt, Toolmart combines profitability with agility, positioning itself as a pioneer in Middle Eastern industrial supply chain innovation.
