EQIQ doubles fund to $30 million to accelerate Iraq's digital economy
Abu Dhabi-based EQIQ, a venture capital fund and venture builder focused on Iraq, is doubling its fund size from $15 million to $30 million to deepen its investments in Iraq's digital economy.
The fund targets greenfield and brownfield ventures across e-commerce, logistics, and fintech, aiming to create a synergistic ecosystem of tech-enabled businesses that provide millions of Iraqis with localised digital solutions.
Founded by Mohamed Al-Hakim and Said Rahmani, EQIQ has already deployed $8.5 million across five startups, three of which it co-built with founding teams from its network.
Having completed its first close in January 2023, EQIQ is now raising an additional $15 million to scale its impact, backed by local and regional investors.
Press release:
EQIQ, a venture capital fund and venture builder led by founding partners with a track record of investing over $500 million in technology startups and generating more than 3.3x return, is expanding its fund size from $15 million to $30 million. Domiciled in Abu Dhabi Global Market (ADGM), EQIQ is pursuing both greenfield (seeding new ventures) and brownfield (scaling established startups) investments in technology startups in Iraq. By aligning synergies across verticals in e-commerce, logistics, and fintech, the fund aims to create holistic, digital solutions that address real challenges and serve millions of users with delightful experiences.
EQIQ was founded by serial entrepreneur Mohamed Al-Hakim, who launched his first startup at the age of 15 and exited his first startup at the age of 19. After growing up in Europe, studying at University College London, and working in investment banking at Goldman Sachs in London, Mohamed decided to move back to Iraq in 2014 to help build the tech ecosystem. From launching one of the first fintech companies in the country to being the CEO of Careem in Iraq and Jordan, Al-Hakim has been at the forefront of the technology ecosystem in Iraq since his reverse migration. Far from being a smooth journey, the last 10 years have seen a remarkable shift in the outlook for the Iraqi economy. Al-Hakim believes the country will experience a transformational shift over the next 10 years.
'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 lile 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.'
EQIQ completed its first close in January 2023, raising $15 million from a consortium of local and regional investors. To date, the fund has deployed $8.5M in five investments across social commerce, logistics, fintech, and edtech. Three of its investment targets were co-built by EQIQ together with founding teams from its network. EQIQ's strategy is focused on allocating 80% of its capital towards building an ecosystem of ventures in online commerce, logistics, and fintech, where each venture may leverage the services and clients of the other ventures in the ecosystem to scale.
Said Rahmani, a global serial entrepreneur and founding partner at EQIQ, has had first-hand experience of building digital ecosystems before: 'We see Iraq's strong fundamentals, rapid growth, and stabilising outlook as a signal that the country is primed for innovation. The emergence of relentless entrepreneurs who are working hard to build great businesses makes it only a matter of time. Our goal is to help founders build meaningful solutions and resilient tech companies that will serve as cornerstones of the regional economy for decades to come, backed by our global network and expert guidance. With our target of raising $30 million, we are confident we can drive an even greater impact in Iraq, paving the way for the next tech champions in the region.'
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