Venture capital firm EQIQ has doubled its investment fund to $30 million, signaling growing confidence in Iraq’s tech sector. The firm previously operated a $15 million fund and now plans to scale its support for Iraqi startups across multiple industries.
EQIQ, based in Abu Dhabi Global Market (ADGM), was co-founded by Mohamed Al-Hakim and Said Rahmani. It focuses on backing both early-stage startups and more developed ventures in Iraq’s emerging digital economy.
Al-Hakim, a well-known Iraqi entrepreneur, entered the startup world at age 15 and exited his first company by 19. He later served as General Manager for Careem in Iraq and Jordan. His deep understanding of the region is helping EQIQ spot and support strong investment opportunities.
According to Al-Hakim, “Iraq has significant untapped potential underpinned by a young, vibrant, and tech-savvy population that is hungry to achieve.” He pointed out that Iraq remains underserved across many sectors, with limited access to capital slowing growth.
The EQIQ fund focuses on digital innovations that solve local problems and improve everyday services. Its main interest areas include e-commerce, logistics, and financial technology. These sectors hold promise for rapid impact and sustainable growth.
Since launching, the fund has already invested $8.5 million in five startups operating in fintech, edtech, logistics, and social commerce. The firm believes these early investments can pave the way for broader transformation in Iraq’s tech ecosystem.
This Iraqi startups fund expansion comes after a strong first close in early 2023 when EQIQ raised $15 million from local and regional investors. The decision to double the fund now reflects rising optimism about the future of Iraq’s startup landscape.
As EQIQ commits more capital, its move marks a new chapter for Iraqi entrepreneurs. With more support, startups now have a better chance to scale, hire, and create tech-driven solutions for Iraq’s growing digital needs.