EQIQ doubles fund to $30 million to accelerate Iraq's digital economy
The fund targets greenfield and brownfield ventures across e-commerce, logistics, and fintech, aiming to create a synergistic ecosystem of tech-enabled businesses that provide millions of Iraqis with localised digital solutions.
Founded by Mohamed Al-Hakim and Said Rahmani, EQIQ has already deployed $8.5 million across five startups, three of which it co-built with founding teams from its network.
Having completed its first close in January 2023, EQIQ is now raising an additional $15 million to scale its impact, backed by local and regional investors.
Press release:
EQIQ, a venture capital fund and venture builder led by founding partners with a track record of investing over $500 million in technology startups and generating more than 3.3x return, is expanding its fund size from $15 million to $30 million. Domiciled in Abu Dhabi Global Market (ADGM), EQIQ is pursuing both greenfield (seeding new ventures) and brownfield (scaling established startups) investments in technology startups in Iraq. By aligning synergies across verticals in e-commerce, logistics, and fintech, the fund aims to create holistic, digital solutions that address real challenges and serve millions of users with delightful experiences.
EQIQ was founded by serial entrepreneur Mohamed Al-Hakim, who launched his first startup at the age of 15 and exited his first startup at the age of 19. After growing up in Europe, studying at University College London, and working in investment banking at Goldman Sachs in London, Mohamed decided to move back to Iraq in 2014 to help build the tech ecosystem. From launching one of the first fintech companies in the country to being the CEO of Careem in Iraq and Jordan, Al-Hakim has been at the forefront of the technology ecosystem in Iraq since his reverse migration. Far from being a smooth journey, the last 10 years have seen a remarkable shift in the outlook for the Iraqi economy. Al-Hakim believes the country will experience a transformational shift over the next 10 years.
'Iraq has significant untapped potential underpinned by a young, vibrant, and tech-savvy population that is hungry to achieve. The country is underserved in many sectors; capital has been scarce as investors have been cautious to enter a market they know lile about. We founded EQIQ as a platform to bridge the gap between capital and opportunity. There is plenty of both, but there is also a mismatch that keeps them apart due to market inefficiencies. The emerging tech ecosystem provides an opportunity for Iraq to catch up
with the rest of the world quickly. Our mission is to support building Iraqi tech champions that will create significant value for Iraq, its population, and our investors.'
EQIQ completed its first close in January 2023, raising $15 million from a consortium of local and regional investors. To date, the fund has deployed $8.5M in five investments across social commerce, logistics, fintech, and edtech. Three of its investment targets were co-built by EQIQ together with founding teams from its network. EQIQ's strategy is focused on allocating 80% of its capital towards building an ecosystem of ventures in online commerce, logistics, and fintech, where each venture may leverage the services and clients of the other ventures in the ecosystem to scale.
Said Rahmani, a global serial entrepreneur and founding partner at EQIQ, has had first-hand experience of building digital ecosystems before: 'We see Iraq's strong fundamentals, rapid growth, and stabilising outlook as a signal that the country is primed for innovation. The emergence of relentless entrepreneurs who are working hard to build great businesses makes it only a matter of time. Our goal is to help founders build meaningful solutions and resilient tech companies that will serve as cornerstones of the regional economy for decades to come, backed by our global network and expert guidance. With our target of raising $30 million, we are confident we can drive an even greater impact in Iraq, paving the way for the next tech champions in the region.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Al Bawaba
4 hours ago
- Al Bawaba
Burgan Bank Champions Mental Wellness with Launch of Emotional Aid Workshop
Driven by its commitment to fostering a supportive work environment and leading positive change in Kuwait's banking sector, Burgan Bank hosted Emotional Aid workshop, in collaboration with Anara, at its head office. The workshop was delivered by Dr. Kim Dillen, PhD, a licensed neuropsychologist with extensive experience in mental health care, brain imaging, and neuropsychological assessment, to select senior staff members across various departments, equipping them with the necessary skills to become Burgan Bank's trusted Emotional Wellness Champions. This initiative, which was widely met with enthusiasm from across the Bank's different departments, is part of an expansive program guided by its mission to become an employer of choice and maintain its status as a Great Place to Work®.'Burgan Bank extends its ongoing commitment to instilling mental health as a fundamental pillar of its corporate work culture. Prioritizing our employees' health and safety stems from our belief that a balanced environment is a catalyst for growth and creativity.,' said Ms. Zahra Boarki, Senior Manager – Internal Communication at Burgan Bank. She added: 'We are committed to maintaining a robust a series of internal events and activities that seek to enrich all aspects of our employees' lives, bolstering their physical and mental wellbeing at all times. This comes as part of the Bank's strategy to foster flexible and sustainable work environment standards, focused on achieving a work-life balance and becoming the employer of Choice Our mission is to an employer of choice that prioritize employee development: emotionally, mentally and professionally.'The Emotional Aid workshop marks a significant step forward in promoting employee wellness and setting a new standard for employee care at Burgan Bank. To ensure its sustainability, the initiative follows a top-down design, which prepares managers and equips them with the necessary knowledge and tools to respond adequately to their team's need for personal as well as professional support and guidance. As a bank that is 'Driven by You', Burgan Bank recognizes that fulfillment is key to outstanding performance and innovation, thus sparing no effort to meet its employees' diverse needs for holistic personal and professional growth, beginning with mental, physical, and emotional wellness. It is worth noting that Burgan Bank launched numerous activities and programs to support employees' health and well-being, aiming to create a safe, comfortable and empowering work environment, this includes an internal clinic, a mother's room for new moms, reduced working hours throughout the week, as well as paid leave options such as self-care days leave, paternity leave, marriage leave and birthday leave. The bank also launched various programs to support employee talents and encourage them to be part of its strategy.
Al Bawaba
6 hours ago
- Al Bawaba
Endeavor Jordan Appoints Tamer Al-Salah as Managing Director
Endeavor Jordan is proud to announce the appointment of Tamer Al-Salah as its new Managing Director, effective August brings with him over a decade of experience in entrepreneurship development, investment ecosystem building, and startup support in Jordan. Most recently, he served as the Managing Director of Beyond Capital, an initiative launched in 2017, as a partnership between Endeavor Jordan and Silicon Badia, to strengthen and mature the entrepreneurial and investment ecosystem in the career journey began at Endeavor Jordan, where he joined the Search and Selection team and quickly rose to become the Entrepreneur Services and Growth Manager. Tamer later continued to serve the entrepreneurship community through his work at the European Bank for Reconstruction and Development (EBRD), managing advisory projects for multiple SMEs across Jordan.'We are thrilled to welcome Tamer back to Endeavor,' said Samer Al Aloul, Chairman of Endeavor Jordan. 'His deep understanding of the local ecosystem, coupled with his strategic leadership and firsthand experience supporting high-impact entrepreneurs, makes him the ideal person to lead the next chapter of Endeavor Jordan.'Tamer holds a Master's degree in International Business and Entrepreneurship from the University of Essex, and a Bachelor's degree in Management Information Systems from the New York Institute of Technology.'I'm honored to return to the organization where I first developed my passion for supporting entrepreneurs,' said Tamer. 'Endeavor's mission to scale high-impact companies is more relevant than ever, and I look forward to working with the team, the Board, and the broader network to unlock the next wave of entrepreneurial growth in Jordan.' As Managing Director, Tamer will be responsible for overseeing Endeavor Jordan's strategic direction, operations, and expansion efforts, as the organization continues to support and scale the country's most promising entrepreneurs.
Al Bawaba
8 hours ago
- Al Bawaba
stc launches a Long-Term Incentive Program for employees
Kuwait Telecommunications Company – stc, a world-class digital leader providing innovative services and platforms to customers, enabling the digital transformation in Kuwait, announced the launch of its Long-Term Incentive (LTI) Program, marking a first-of-its-kind initiative in Kuwait aimed at rewarding top talent as they progress with the Company. The program aligns with stc corporate culture which focuses on rewarding exceptional employees for driving business success, further motivating them to achieve new LTI Program was designed by stc as part of the Company's commitment to continuously invest in its people, especially as the organization continues to grow and evolve in a competitive and fast-paced environment. To recognize the sustained contributions of high-performing employees, sic introduced a range of benefits that will empower employees by feeling a sense of ownership to the Company, thereby enhancing their engagement in the Company's operation and culture through long-term value creation. stc is excited to leverage the J.P. Morgan Workplace Solutions platform to deliver a premier Long-Term Incentive Program, empowering stc employees with premier benefits and opportunities for program was launched during a signing ceremony held at the company's headquarters. stc Kuwait's Chief Human Resources Officer, Mr. Raed Marei and Mr. Abdulhadi Al Herz from J.P. Morgan Workplace Solutions Saudi Arabia were present at the the LTI Program will not only serve as a significant step in employee recognition and retention but also serve as an additional attribute that will strengthen the Company's position as an employer of choice in Kuwait's telecom and digital solutions sectors. The program aims to provide employees with financial benefits that accumulate and grow over the long-term that are tied to the Company's performance, further aligning employee efforts with those of the Company's growth and innovation Raed Marei CHRO of stc, said, 'Our people are at the heart of everything we do, and this program reflects our belief in their critical role in driving healthy sustainable growth for the Company. As we continue to lead in digital transformation and innovation, it is essential to reward our top talents for their dedication and contributions, ensuring that they grow and succeed alongside stc. Through launching this program, we are not only investing in our employees but also reaffirming that their hard work is recognized and appreciated as a key driver of our success across the sectors in which we operate.'Over the years, stc has built a solid reputation in Kuwait as an ideal employer of choice following its ranking as the number one ideal employer of choice for engineers and IT professionals in Kuwait according to Universum's custom research in 2024. The Company evolved its culture to be more empowering and conclusive, leading to higher employee retention rates and overall enhanced performance. Launching the LTI Program will further build on the milestones the Company has managed to achieve when recognizing and awarding its top talents for their exceptional performance which has placed stc as a pioneer in the telecom and digital solutions sectors. Marei added, 'With the introduction of the LTI Program, we are taking a strategic step towards building a motivated and high-performing workforce that aligns with our long-term vision. Our approach is to ensure that as stc continues to grow and expand, so do our people that are the backbone of our operation and growth trajectory. This program highlights our ongoing commitment to our people, who are instrumental in our journey to deliver an exceptional experience not just to our customers, but our stakeholders alike.'
