Toolmart, a rising B2B tech startup modernizing industrial procurement in the Middle East, has successfully closed a seed-funding round. Plus VC, one of MENA’s most active venture capital firms, and Oasis500 led the investment with participation from key regional angel investors.
This milestone will help the firm grow its team, enhance its platform, and expand into new Middle Eastern markets, offering tech startups across the region a blueprint for capital-efficient, scalable growth.
Founded in 2022 by Shawkat Shegem, Ahmed Al Hinti, and Nadeem Al Salem, Toolmart was born out of frustration with the outdated, offline procurement processes in the region’s industrial supply chain.
In most large enterprises, procurement teams spend 80% of their time sourcing items that contribute to only 20% of overall value. Toolmart solves this with a tech-enabled platform that streamlines sourcing, saves time, and reduces costs, acting as a digital extension of procurement teams.
The platform uses machine learning and real-time data to offer optimized sourcing decisions across pricing, product fit, and delivery. Its inventory-light model relies on a wide vendor network and smart algorithms, allowing them to scale efficiently and avoid bad debt.
With over 10,000 fulfilled orders, 35,000+ SKUs, and 100+ enterprise clients, the company has already proven its model. In Q1 2025, Toolmart achieved 38% YoY growth, its strongest quarter yet.
Proven Model with Regional Ambitions
After a strong launch in Iraq, Toolmart is now eyeing expansion across the wider Middle East. Its client base includes oil & gas operators, construction firms, NGOs, and institutional buyers, sectors critical to regional infrastructure and development.
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Co-founder and COO Ahmed Al Hinti shared: “We’re building a platform that not only improves efficiency but empowers businesses to focus on their core strengths. The traction we’ve seen validates our vision.”
Toolmart’s success is a signal to MENA tech startups:
- Legacy industries are ripe for disruption
- Capital-efficient, AI-driven models can thrive in complex markets
- Regional scaling is possible with strong product-market fit
With this funding, Toolmart joins a growing wave of MENA startups driving digital transformation in traditional sectors, showing the value of local insight, global ambition, and smart tech.
Investors Back Toolmart’s Vision
Hasan Haider, Founder of Plus VC, commented: “Toolmart is solving a real, overlooked problem with a model that’s both scalable and capital-efficient. It’s exactly the kind of innovation we look to back in MENA.”
Luma Fawaz, CEO of Oasis500, added, “The Toolmart team combines domain expertise with a clear growth strategy. Their impact on industrial procurement will be felt across the region.”
Engagement
