Iraq’s largest online car marketplace, iQ Cars, has just secured a 7-figure seed funding round to accelerate its growth and bring more innovation and transparency to the country’s automotive sector. The round was led by Euphrates Ventures, signaling strong investor confidence in the startup’s vision and execution.
Smart Car Shopping, Iraqi Style
Launched in 2020 by Amer Salih, iQ Cars has become the go-to destination for buying and selling cars in Iraq. Today, the platform hosts:
- ✅ 34,000+ live listings
- ✅ 1,000+ car dealers
- ✅ A growing community of over 420,000 users
Its sleek, user-friendly interface allows users to:
- ✔️ Compare different models
- ✔️ Buy detailed car reports
- ✔️ Browse listings from across Iraq
- ✔️ Easily list and sell vehicles
- ✔️ Access car buying and selling guides
This focus on ease, trust, and functionality helped the company grow its revenue by 108% in 2024, while lead generation for car sellers jumped over 115%, largely thanks to organic user growth.
Fueling the Next Phase of Growth
With the fresh capital, iQ Cars is planning to:
- ✅ Scale across more Iraqi cities
- ✅ Launch new features and tools
- ✅ Expand business lines
- ✅ Double down on user trust and transparency
The company has already set itself apart by becoming Iraq’s first startup registered as a Private Joint Stock Company (PSJC)—a big move toward legitimacy, investor confidence, and long-term sustainability.
“This investment is a huge milestone for our team,” said Amer Salih, founder of iQ Cars.
“We’re proud to have Euphrates Ventures on board and are excited to expand across Iraq with smarter, more innovative tools that simplify how people buy and sell cars.”
Building Trust in a Traditionally Opaque Market
Historically, Iraq’s automotive market has been known for its lack of transparency and high dealer control. But iQ Cars is flipping the script.
“In just four years, Amer and his team have completely disrupted the dealer-dominated car market,” said Grant Felgenhauer, Managing Partner at Euphrates Ventures.
“They’ve built a high-trust, low-cost platform that gives Iraqis peace of mind when buying or selling vehicles. And by registering as a joint-stock company, they’re showing a real commitment to the country’s long-term economic growth.”
Currently active in five major Iraqi cities, iQ Cars is aiming for national reach. With this new investment and a growing user base, it’s clear the company is steering toward a future where buying or selling a car in Iraq is fast, fair, and frustration-free.
