May 28, 2025
Toolmart, a leading B2B tech startup revolutionizing the sourcing and procurement of industrial supplies across the Middle East, has successfully raised a seed funding round led by Plus VC—the most active venture capital firm in the MENA region—and Oasis500, along with prominent regional angel investors. This investment will support the company’s continued growth, team expansion, and entry into new markets across the region.
Founded in 2022 by Shawkat Shegem, Ahmed Al Hinti, and Nadeem Al Salem, Toolmart was born out of the founders’ direct experience with the inefficiencies in sourcing non-direct industrial supplies within a fragmented, predominantly offline ecosystem. Procurement teams often spend up to 80% of their time sourcing items that account for only 20% of total procurement value. Toolmart addresses this critical challenge with its tech-enabled platform, acting as an extension of procurement teams to save time, reduce costs, and improve sourcing efficiency.
“We are honored to have the backing of such esteemed investors, who bring invaluable regional expertise and a track record of empowering disruptive ventures,” said Shawkat Shegem, Co-Founder and CEO of Toolmart. “Their confidence in our mission and commitment to join us is a powerful endorsement. We are excited to have them as partners as we work to redefine the future of industrial procurement.”
Operating with an inventory-light, capital-efficient model, Toolmart leverages an extensive vendor network and algorithmic analysis to offer clients the best options based on price, delivery speed, and product suitability. The platform continuously improves through machine learning by analyzing purchasing behavior and historical data.
“Toolmart was created from firsthand experience with longstanding inefficiencies in the industrial supply chain,” said Ahmed Al Hinti, Co-Founder and COO. “Our tech-first, data-driven platform enables smarter, faster, and more cost-effective procurement, empowering businesses to focus on their core strengths.”
In just over two years, Toolmart has processed more than 10,000 orders, listed over 35,000 SKUs, and grown its customer base to over 100 enterprise clients. The company recorded 38% year-over-year growth in Q1 2025—its strongest quarter yet. Building on this momentum, Toolmart is poised to set new milestones and establish itself as a regional leader in industrial procurement.
Toolmart’s successful launch in Iraq validated its business model in complex, high-demand markets, with strong adoption among oil & gas operators, construction firms, NGOs, and institutional buyers. The company is now preparing to scale across the broader Middle East.
Hasan Haider, Founder and Managing Partner at Plus VC, commented: “Toolmart addresses a critical gap in a sector long overlooked by digital innovation. Their deep industry expertise combined with a scalable, capital-efficient model positions them to lead the modernization of industrial procurement in the region. We are proud to support Shawkat, Ahmed, Nadeem, and their team as they work toward market leadership.”
Luma Fawaz, CEO of Oasis500, added: “Toolmart is driving much-needed innovation in a traditionally outdated sector. Their platform’s ability to streamline procurement for large enterprises through technology and data is impressive. Their rapid growth, domain knowledge, and vision for regional scale made this an exciting investment opportunity. We are pleased to support Toolmart’s ongoing digital transformation of industrial procurement across the Middle East.”
With no inventory holdings and zero bad debt, Toolmart’s model enables scalable operations with strong profit margins, making it one of the most capital-efficient startups in the industrial supply chain space.
About Toolmart
Toolmart is a B2B procurement technology company that streamlines the sourcing of industrial supplies across the Middle East. Founded by industry veterans with extensive experience in manufacturing, finance, and supply chain management, Toolmart digitizes procurement for institutional buyers through a scalable, inventory-light platform—the Sharjah website. The platform enables business owners to express interest in expansion or exit strategies and offers investors a streamlined gateway to enter the UAE market through well-structured, strategic transactions.
