Latest news with #EQIQ
CairoScene
24-05-2025
- Business
- CairoScene
EQIQ Ventures Doubles Fund to $30M to Boost Iraq's Digital Economy
From London to Baghdad, EQIQ Ventures is betting on Iraq's overlooked potential to build a new digital economy. May 24, 2025 Abu Dhabi-based venture capital firm EQIQ Ventures has doubled its fund size from $15 million to $30 million, reinforcing its commitment to Iraq's emerging digital economy. The fund will target sectors such as e-commerce, fintech, logistics, and digital infrastructure, aiming to back both new ventures and scale-ups. Founded by Mohamed Al-Hakim and Said Rahmani, EQIQ Ventures was created to tackle a gap few investors have entered. The firm plans to allocate 80% of its capital towards building an interconnected startup ecosystem in Iraq—one that supports growth through shared infrastructure, regional talent networks, and customer pipelines. 'Iraq has significant untapped potential underpinned by a young, vibrant, and tech-savvy population that is hungry to achieve,' Mohamed Al-Hakim, Founder of EQIQ Ventures, tells StartupScene. 'The country is underserved in many sectors; capital has been scarce as investors have been cautious to enter a market they know little about.' Since closing its first $15 million tranche in January 2023, EQIQ has secured backing from regional and local investors, many of whom see Iraq's post-conflict stabilisation as a unique opportunity to invest in scalable, locally embedded tech solutions.
Iraqi News
22-05-2025
- Business
- Iraqi News
EQIQ doubles fund to $30 million to fuel Iraqi startups
Baghdad ( – Venture capital firm EQIQ is ramping up its involvement in Iraq's technology sector, announcing an increase in its fund size from $15 million to $30 million. Operating out of the Abu Dhabi Global Market (ADGM), EQIQ backs both early-stage startups and more established ventures across Iraq. The fund was founded by Mohamed Al-Hakim and Said Rahmani. Mohamed Al-Hakim, a seasoned Iraqi entrepreneur who entered the startup world at just 15 and successfully exited his first company by the age of 19. Al-Hakim also previously held a leadership role as General Manager of Careem in Iraq and Jordan, bringing regional expertise to EQIQ's investment strategy. 'Iraq has significant untapped potential underpinned by a young, vibrant, and tech-savvy population that is hungry to achieve,' said Al-Hakim. 'The country is underserved in many sectors; capital has been scarce as investors have been cautious to enter a market they know.' EQIQ targets digital innovations that address pressing local needs while improving user experience on a large scale. The VC firm is particularly focused on opportunities in e-commerce, logistics, and financial technology, aiming to build cross-sector value and impact. In January 2023, EQIQ closed its first close after obtaining $15 million from a group of regional and local investors. The fund has invested $8.5 million so far in five different fintech, edtech, logistics, and social commerce ventures. With this expansion, it's promising to see more venture capital flowing into Iraq's nascent but rapidly growing tech ecosystem, signaling rising confidence in the market's long-term potential.
Zawya
22-05-2025
- Business
- Zawya
EQIQ doubles down on Iraq's digital economy, plans to double fund to $30mln after backing 5 tech startups
Abu Dhabi, UAE – Abu Dhabi, UAE – 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 $15M to $30M. 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 li
Fintech News ME
22-05-2025
- Business
- Fintech News ME
EQIQ Doubles Venture Fund to $30M to Back Iraq's Growing Tech Sector
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.
Wamda
21-05-2025
- Business
- Wamda
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.'
