EQIQ Doubles Venture Fund to $30M to Back Iraq's Growing Tech Sector

Fintech News ME

22-05-2025

EQIQ, a venture capital fund and venture builder based in Abu Dhabi Global Market (ADGM), is expanding its fund size from US$15 million to US$30 million.
Founded by partners with experience deploying over US$500 million in technology startups and delivering a 3.3x return, EQIQ focuses on both greenfield (seeding new ventures) and brownfield (scaling established startups) investments in Iraq's technology sector.
The firm concentrates on developing integrated solutions across e-commerce, logistics, and fintech, with the aim of addressing structural gaps and delivering services to a wide user base.
The fund was established by Mohamed Al-Hakim, a serial entrepreneur who began his first startup at age 15 and exited it at 19.
Having grown up in Europe, studied at University College London, and worked in investment banking at Goldman Sachs in London, Al-Hakim returned to Iraq in 2014 with the intention of contributing to the country's nascent tech industry.
His track record includes launching one of Iraq's first fintech companies and leading Careem operations in Iraq and Jordan.
Reflecting on the past decade, Al-Hakim notes that the operating environment has changed considerably.
'Iraq has significant untapped potential underpinned by a young, vibrant, and tech-savvy population that is hungry to achieve. The country is underserved in many sectors; capital has been scarce as investors have been cautious to enter a market they know little about.'
'We founded EQIQ as a platform to bridge the gap between capital and opportunity. There is plenty of both, but there is also a mismatch that keeps them apart due to market inefficiencies. The emerging tech ecosystem provides an opportunity for Iraq to catch up with the rest of the world quickly. Our mission is to support building Iraqi tech champions that will create significant value for Iraq, its population, and our investors.'
The fund completed its first close in January 2023, securing US$15 million from a group of local and regional investors.
As of now, EQIQ has invested US$8.5 million across five startups operating in social commerce, logistics, fintech, and education technology.
Three of these ventures were co-created by EQIQ alongside founders from its wider network.
The fund intends to allocate 80% of its capital to ventures within e-commerce, logistics, and fintech, sectors that can benefit from shared infrastructure, services, and customer bases.