• EQIQ is doubling its fund to USD 30M to back Iraqi startups in e-commerce, logistics, and fintech.
• Based in ADGM, the fund blends VC investing with venture building to create scalable, interconnected startups.
• Since 2023, EQIQ has backed five startups with $8.5M and plans to build a full-stack tech ecosystem in Iraq.

EQIQ

So what is happening? Abu-Dhabi based venture capital firm, EQIQ, plans to double its fund size to USD 30 million.

Who are they? Domiciled in Abu Dhabi Global Market (ADGM), it operates as a hybrid between a VC fund and a venture builder. Its focus is on investing in and building tech startups in Iraq. The fund was founded by Iraqi entrepreneur Mohammed Al-Hakim.

Digital Ecosystem

How do they operate? EQIQ aims to target sectors with high growth potential such as e-commerce, logistics, and fintech. Moreover, the fund focuses on investing in both greenfield (from scratch) and brownfield (existing) startups within these sectors.

These startups are not built to operate on their own, instead they are designed to share infrastructure, services, and user bases.

For instance, one startup handles deliveries,  another takes care of payments, and a third drives online sales. Together, they create a full-stack solution for Iraq’s digital consumers. Furthermore, around 80% of the fund’s capital is allocated to this ecosystem-building strategy.

Early Traction EQIQ raised USD 15 million in its first round, which closed in January 2023. Since then, it has invested USD 8.5 million in five startups operating in social commerce, logistics, fintech, and edtech. Three of which were co-built with founders from within EQIQ’s network.

 Its goal is to foster a new generation of Iraqi tech champions that are designed to scale from day one.