Abu Dhabi-based venture capital fund EQIQ is taking bold steps to accelerate Iraq’s digital transformation. The firm announced it is doubling its fund size from $15 million to $30 million, signaling growing confidence in the potential of Iraq’s emerging tech scene.
The Mission? Build a powerful, interconnected ecosystem of startups in e-commerce, logistics, and fintech, designed for the local market, by local talent.
Backed by Vision and Experience
EQIQ isn’t your average VC. It’s a venture fund and builder co-founded by Mohamed Al-Hakim and Said Rahmani, two experienced entrepreneurs and investors with a history of deploying over $500 million into tech startups, generating returns of 3.3x.
Al-Hakim, a serial entrepreneur, began his journey at just 15 and later became CEO of Careem in Iraq and Jordan. He returned to Iraq in 2014 to help shape the country’s tech ecosystem. Now, with EQIQ, he wants to bridge the gap between capital and opportunity in a market with high potential but limited funding.
“Iraq is full of young, tech-savvy people ready to build the future,” says Al-Hakim. “We created EQIQ to connect capital with this untapped talent and accelerate innovation where it’s most needed.”
A Strategic Expansion
Following a successful first close in January 2023, where EQIQ raised $15 million from local and regional investors, the firm has already deployed $8.5 million into five promising startups. These span sectors like:
- ✅ Social commerce
- ✅ Logistics
- ✅ Fintech
- ✅ Edtech
Notably, three of these ventures were co-built in-house with founding teams sourced from EQIQ’s own network—illustrating the fund’s hands-on approach to venture building.
Now, with a new $15 million fundraising goal, EQIQ plans to:
- Deepen its portfolio across high-impact sectors
- Create synergies between ventures
- Strengthen Iraq’s broader startup ecosystem
A Unique Ecosystem Approach
EQIQ’s model is designed to be ecosystem-driven. Around 80% of its capital will go toward ventures in online commerce, logistics, and fintech—with each company designed to complement the others.
For example, a fintech startup might power transactions for an e-commerce platform, while a logistics venture handles delivery. This synergy maximizes scalability and accelerates growth.
Said Rahmani, EQIQ co-founder, explained:
“Iraq has the fundamentals for digital growth—rapid urbanization, a stabilizing economy, and passionate founders. We’re here to help build resilient, long-term businesses that can lead the region.”
Why is Iraq becoming increasingly relevant?
Iraq’s tech sector is still young, but it’s gaining traction. Investors are cautiously beginning to notice the huge demand for local, digital-first solutions—from online shopping to financial access.
With EQIQ’s expanded fund and strategic focus, Iraq could soon be home to the next generation of tech champions, paving the way for economic diversification, job creation, and digital inclusion.