The venture capital fund and startup platform EQIQ plans to grow its size to $30 million to help support and develop Iraq’s digital economy.
The Fund invests in new and existing e-commerce, logistics, and financial technology projects. Its goal is to create a connected network of companies that offer digital solutions to millions of users in Iraq.
The Fund aims to increase its impact in the Iraqi market greatly. EQIQ’s strategy is to invest 80% of its capital in building connected companies in e-commerce, logistics, and financial technology.
This approach will allow each company to share services and customers with other companies in the network, helping to create a new generation of leading tech companies in Iraq.
The Fund was founded by Iraqi entrepreneur Mohammed al-Hakim, who has a strong track record of investing over $500 million in technology companies. His investments have earned more than three times the amount of money put in.
Al-Hakim believes Iraq has much untapped potential thanks to a young, smart generation eager to succeed. EQIQ was created to connect capital (money) with opportunities, as both are available, but the tools to bring them together are missing in the market.
The Fund completed its first round of funding in January 2023, raising $15 million from local and regional investors. Since then, it has invested $8.5 million in five tech startups working in social commerce, logistics, financial technology, and digital education.
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