Abu Dhabi-based EQIQ Ventures has expanded its fund from USD 15 million to USD 30 million, reaffirming its dedication to Iraq’s growing digital economy. The firm will focus on key sectors such as e-commerce, fintech, logistics, and digital infrastructure, with the intention of supporting both startups and scaling enterprises.
EQIQ Ventures, founded by Mohamed Al-Hakim and Said Rahmani, was established to fill a gap in a market that has seen little investor activity. The firm plans to direct 80% of its capital towards developing a connected startup ecosystem in Iraq, supported by shared infrastructure, access to regional talent, and integrated customer channels.
“Iraq presents immense untapped potential, driven by a young, energetic, and technologically adept population that is eager to succeed,” says Mohamed Al-Hakim, Founder of EQIQ Ventures, in a conversation with StartupScene. “The market remains underserved across numerous sectors, as investment has been limited by investor caution and unfamiliarity.”
Since completing its initial USD 15 million close in January 2023, EQIQ has secured investment from both regional and local backers. Many of these investors see Iraq’s post-conflict recovery as a rare opportunity to fund scalable, locally rooted tech ventures.
