EQIQ Ventures Doubles Fund to $30M to Boost Iraq’s Digital Economy

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.