Abu Dhabi-based EQIQ, a venture capital fund and venture builder focused on Iraq, has announced the expansion of its fund size from $15 million to $30 million, aiming to scale its investments in the country’s growing technology ecosystem.
Domiciled in Abu Dhabi Global Market (ADGM), the fund is led by founding partners who have previously deployed over $500 million in startup investments, delivering returns of more than 3.3x.
EQIQ invests in both greenfield (newly seeded) and brownfield (growth-stage) tech ventures, focusing on verticals such as e-commerce, logistics, and fintech, with a strategy of building interconnected startups that serve millions with seamless digital experiences.
From London to Baghdad: EQIQ Founder’s Journey Back
EQIQ was founded by Mohamed Al-Hakim, a serial entrepreneur who began building startups at age 15, exited his first venture by 19, and later worked at Goldman Sachs in London before moving back to Iraq in 2014.
His return marked a mission to help ignite the country’s nascent tech sector. Since then, he has launched one of Iraq’s first fintech companies and served as CEO of Careem Iraq and Jordan.
“Iraq has significant untapped potential underpinned by a young, vibrant, and tech-savvy population that is hungry to achieve,” Al-Hakim said. “Capital and opportunity exist in abundance, but market inefficiencies keep them apart. EQIQ is here to bridge that gap.”
EQIQ raised its initial $15 million in January 2023 from regional and local investors. Since then, it has deployed $8.5 million across five startups in sectors including social commerce, logistics, fintech, and edtech. Three of these startups were co-built in partnership with EQIQ.
The fund’s model is ecosystem-driven: 80% of capital will be allocated toward ventures that can benefit from each other’s services, user bases, and market insights, creating synergistic growth loops across the startup portfolio.
A Region Ready for Tech Takeoff
Founding partner Said Rahmani, a global entrepreneur and investor, emphasized Iraq’s readiness for tech-led transformation.
He said, “We see Iraq’s strong fundamentals, rapid growth, and stabilizing outlook as a signal that the country is primed for innovation. With our expanded $30 million fund, we aim to help founders build meaningful, resilient tech companies that will serve as cornerstones of the regional economy for decades to come.”
Backed by a global network of advisors, operators, and co-investors, EQIQ is positioning itself as the leading venture platform for Iraq’s digital future, betting on the country’s next generation of tech leaders.
