EQIQ Boosts Iraq’s Startup Scene with $30M Venture Fund Expansion

It's been interesting to see the way Iraq's tech and startup scene has really started grabbing attention recently. The latest development involves EQIQ, a venture capital fund dedicated to boosting the country's digital economy. EQIQ have decided to double their size to reach an impressive $30 million, a move that looks firmly geared towards nurturing promising local startups.

EQIQ focuses particularly on three vital sectors: e-commerce, logistics and the fast-moving fintech arena. The idea is pretty straightforward—supporting both brand-new ventures (what industry types call "greenfield" investments) and established businesses trickling along nicely (brownfield), stitching them together into a joined-up ecosystem. This should make life far easier for millions of people relying on digital services across Iraq.

What makes EQIQ stand out is that they're allocating around 80% of their funds specifically towards building interconnected companies. The logic here is pretty sound: by having complementary businesses supporting one another—sharing services, passing on customers—the fund can create a much stronger base. Perhaps a bit like how our Arageek readers might appreciate falafel and hummus complementing each other perfectly; both delicious independently, but oh-so-much better together.

EQIQ is the brainchild of seasoned Iraqi entrepreneur Mohammed Al-Hakim, whose experience investing more than half a billion dollars in tech firms has brought over three times the original investments back into stakeholder's pockets. Al-Hakim firmly believes there's huge untapped potential in Iraq, largely thanks to a younger generation bursting with digital savy and dreams of entrepreneurial success. EQIQ was launched precisely because the market, he says, "has both capital and promising opportunities already available but has been missing effective tools to link them together."

Back in January 2023, EQIQ wrapped up its first investment round nicely, raising $15 million from regional and local backers. Since then, they've poured $8.5 million into five promising startups across fintech, logistics, social commerce and digital education. Three companies were built directly thanks to partnerships between EQIQ and entrepreneurs from their circle, highlighting the hands-on role they adopt rather than merely being passive investors.

This sort of supportive environment feels a bit like someone carefully nurturing seedlings into thriving plants—slowly but surely building a digital economy that's fit-for-purpose, resilient, and thoroughly integrated. If EQIQ keeps moving ahead like this, we might soon see Iraq emerging as one of the Middle East's front-runners in digital innovation.

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