Latest news with #MohamedAl-Hakim
Fintech News ME
11-07-2025
- Business
- Fintech News ME
Momentum Builds to Tap Iraq's Startup Opportunity
With a large, young, and increasingly connected population, Iraq stands out as one of the last major untapped economies in the Middle East. Yet despite its promising fundamentals, the country's digital and startup ecosystem remains underdeveloped, fragmented, and largely informal. EQIQ, a venture capital (VC) fund, aims to address that. Unlike traditional VC funds that invest passively invests, EQIQ operates more like a venture studio and VC hybrid, investing early, co-building companies from the ground up, and working hands-on to strengthen Iraq's fledgling tech ecosystem. Mohamed Al-Hakim, a serial entrepreneur and EQIQ's co-founder, believes Iraq has huge untapped potential because of its young, eager, and tech-savvy population. However, he recognizes that while there is opportunity, inefficiencies in the market prevent industry stakeholders to connect easily. EQIQ's mission is to close this gap by backing and co-building startups that can tackle real problems and deliver high-quality digital experiences to millions of people. 'Iraq has significant untapped potential underpinned by a young, vibrant, and tech-savvy population that is hungry to achieve,' said Al-Hakim. 'The country is underserved in many sectors, and capital has been scarce as investors have been cautious to enter a market they know little about. We founded EQIQ as a platform to bridge the gap between capital and opportunity.' Said Rahmani, EQIQ's founding partner and a global serial entrepreneur as well, echoes this optimism, emphasizing Iraq's strong fundamentals and improving stability. 'We see Iraq's strong fundamentals, rapid growth, and stabilizing outlook as a signal that the country is primed for innovation,' Rahmani said. '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.' Domiciled in Abu Dhabi Global Markets (ADGM), EQIQ targets both greenfield and brownfield opportunities, primarily in e-commerce, logistics, and fintech in Iraq. Its strategy focuses on allocating 80% of its capital towards building a network of ventures that complement one another, creating synergies and strengthening the entire ecosystem as they grow and scale together. EQIQ completed its first close in January 2023, raising US$15 million from a consortium of local and regional investors. To date, US$8.5 million has been deployed across five investments: Wayl, a payments startup; InstaBank, an upcoming digital bank; Fedshi, a social commerce startup; Boxy, a logistics app; and Corrsy, an edtech company. Three of these ventures are being co-built by EQIQ together with founding teams from its own network. EQIQ now plans to double the size of its fund to US$30 million to deepen its investments in Iraq's digital economy, signaling its growing ambition to back or build more startups in Iraq. The firm aims to close the fundraise by the end of this year. 'The first US$15 million was a market test,' Al-Hakim told the National in June. 'We saw very positive results, so we are expanding the fund's size to explore even greater opportunities in Iraq,' he added, saying that they are in talks with local and foreign investors. 'Today is best time in the 11 years I've spent in Iraq in terms in security and political stability which has positively impacted the entrepreneurship environment,' Al-Hakim said. He aims to increase the financial returns to investors by 10 folds in the next five years. Iraq's thriving startup ecosystem Iraq's startup ecosystem is still young compared to neighboring Jordan or the UAE, but it's growing steadily. In 2025, Iraq ranked 118th in StartupBlink's 2025 Global Startup Ecosystem Index, rising one place from the previous year. It ranked 11th in the Middle East. Its capital city of Baghdad was listed among the top 1,000 startup cities in the world, recording an annual growth of 64.3%. E-commerce, fintech, and delivery and logistics, are currently the most active startup areas, with trailblazers like Lezzoo, a delivery super app; Miswag, a leading e-commerce platform; Zain Cash, a prominent mobile wallet; and NEO Pay Iraq, a leading payment service provider. One of the main drivers behind this growth is Iraq's young and tech-savvy population. Many young Iraqis see entrepreneurship as an attractive, and sometimes necessary alternative to traditional government jobs, which are increasingly scarce. The country is also benefiting from a digital leapfrog, with mobile phone and Internet penetration increasing significantly. Another important factor is the Iraqi diaspora. Many founders and investors come from the large Iraqi community living abroad. These returning experts bring back valuable ideas, experience, capital, and international connections. Local hubs and VCs like The Station, Five One Invest, and Netaj further fuel the ecosystem by offering coding bootcamps, mentorship, and startup programs. New initiatives are also emerging with Netaj, an innovation platform, announcing last month a new venture studio for Iraqi startups called Nawat. Nawat aims to support up to 40 startups annually through a hands-on model combining mentorship, product development, and investment. Challenges remain Despite opportunities and encouraging signs, Iraq's startups still face significant challenges. Red tape, corruption, outdated laws, and foreign ownership restrictions all pose obstacle to growth. Furthermore, basic infrastructure gaps, including frequent electricity cuts, underdeveloped payment gateways, and limited banking services, make it difficult for startups to operate efficiently. A lack of reliable market data further complicate decision-making for both founders and investors, limiting investments and ultimately hindering sector growth and job creation. According to a 2023 study by Five One Invest, Iraqi startup founders mostly struggle with limited access to capital, a lack of practical investment knowledge, and closed investor networks. Investors, meanwhile, struggle with regulatory challenges and a lack of reliable data from startups, which makes them cautious. They also cited a lack of startups that meet their criteria as a key challenge.
Iraq Business
26-05-2025
- Business
- Iraq Business
Wayl Raises $150 k Pre-Seed Funding from EQIQ Ventures
By John Lee. Wayl, the payments platform for online sellers in Iraq, has secured USD 150,000 in pre-seed financing from EQIQ Ventures, a venture-capital fund led by Mohamed Al-Hakim. Wayl plans to use the capital to expand its digital-payments solution for social-media merchants and freelance workers, addressing a market where an estimated 97 percent of transactions remain cash-based despite e-commerce in the region being forecast to reach USD 15 billion by 2027. (Source: EQIQ Ventures) Tags: cg, DJ, EQIQ Ventures, featured, start-ups, Wayl
CairoScene
24-05-2025
- Business
- CairoScene
EQIQ Ventures Doubles Fund to $30M to Boost Iraq's Digital Economy
From London to Baghdad, EQIQ Ventures is betting on Iraq's overlooked potential to build a new digital economy. May 24, 2025 Abu Dhabi-based venture capital firm EQIQ Ventures has doubled its fund size from $15 million to $30 million, reinforcing its commitment to Iraq's emerging digital economy. The fund will target sectors such as e-commerce, fintech, logistics, and digital infrastructure, aiming to back both new ventures and scale-ups. Founded by Mohamed Al-Hakim and Said Rahmani, EQIQ Ventures was created to tackle a gap few investors have entered. The firm plans to allocate 80% of its capital towards building an interconnected startup ecosystem in Iraq—one that supports growth through shared infrastructure, regional talent networks, and customer pipelines. 'Iraq has significant untapped potential underpinned by a young, vibrant, and tech-savvy population that is hungry to achieve,' Mohamed Al-Hakim, Founder of EQIQ Ventures, tells StartupScene. 'The country is underserved in many sectors; capital has been scarce as investors have been cautious to enter a market they know little about.' Since closing its first $15 million tranche in January 2023, EQIQ has secured backing from regional and local investors, many of whom see Iraq's post-conflict stabilisation as a unique opportunity to invest in scalable, locally embedded tech solutions.
Iraqi News
22-05-2025
- Business
- Iraqi News
EQIQ doubles fund to $30 million to fuel Iraqi startups
Baghdad ( – Venture capital firm EQIQ is ramping up its involvement in Iraq's technology sector, announcing an increase in its fund size from $15 million to $30 million. Operating out of the Abu Dhabi Global Market (ADGM), EQIQ backs both early-stage startups and more established ventures across Iraq. The fund was founded by Mohamed Al-Hakim and Said Rahmani. Mohamed Al-Hakim, a seasoned Iraqi entrepreneur who entered the startup world at just 15 and successfully exited his first company by the age of 19. Al-Hakim also previously held a leadership role as General Manager of Careem in Iraq and Jordan, bringing regional expertise to EQIQ's investment strategy. 'Iraq has significant untapped potential underpinned by a young, vibrant, and tech-savvy population that is hungry to achieve,' said Al-Hakim. 'The country is underserved in many sectors; capital has been scarce as investors have been cautious to enter a market they know.' EQIQ targets digital innovations that address pressing local needs while improving user experience on a large scale. The VC firm is particularly focused on opportunities in e-commerce, logistics, and financial technology, aiming to build cross-sector value and impact. In January 2023, EQIQ closed its first close after obtaining $15 million from a group of regional and local investors. The fund has invested $8.5 million so far in five different fintech, edtech, logistics, and social commerce ventures. With this expansion, it's promising to see more venture capital flowing into Iraq's nascent but rapidly growing tech ecosystem, signaling rising confidence in the market's long-term potential.
Fintech News ME
22-05-2025
- Business
- Fintech News ME
EQIQ Doubles Venture Fund to $30M to Back Iraq's Growing Tech Sector
EQIQ, a venture capital fund and venture builder based in Abu Dhabi Global Market (ADGM), is expanding its fund size from US$15 million to US$30 million. Founded by partners with experience deploying over US$500 million in technology startups and delivering a 3.3x return, EQIQ focuses on both greenfield (seeding new ventures) and brownfield (scaling established startups) investments in Iraq's technology sector. The firm concentrates on developing integrated solutions across e-commerce, logistics, and fintech, with the aim of addressing structural gaps and delivering services to a wide user base. The fund was established by Mohamed Al-Hakim, a serial entrepreneur who began his first startup at age 15 and exited it at 19. Having grown up in Europe, studied at University College London, and worked in investment banking at Goldman Sachs in London, Al-Hakim returned to Iraq in 2014 with the intention of contributing to the country's nascent tech industry. His track record includes launching one of Iraq's first fintech companies and leading Careem operations in Iraq and Jordan. Reflecting on the past decade, Al-Hakim notes that the operating environment has changed considerably. '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 little 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.' The fund completed its first close in January 2023, securing US$15 million from a group of local and regional investors. As of now, EQIQ has invested US$8.5 million across five startups operating in social commerce, logistics, fintech, and education technology. Three of these ventures were co-created by EQIQ alongside founders from its wider network. The fund intends to allocate 80% of its capital to ventures within e-commerce, logistics, and fintech, sectors that can benefit from shared infrastructure, services, and customer bases.
