EQIQ, a venture capital fund and venture builder domiciled in Abu Dhabi Global Market (ADGM), is expanding its fund size from $15 million to $30 million to deepen investments in Iraq’s burgeoning digital economy. Founded by serial entrepreneur Mohamed Al-Hakim and Said Rahmani, EQIQ targets greenfield and brownfield ventures across e-commerce, logistics, and fintech, aiming to create a synergistic ecosystem of tech-enabled businesses delivering localized digital solutions to millions of Iraqis.
Since its first close in January 2023, EQIQ has deployed $8.5 million across five startups, three of which were co-built alongside founding teams from its network. With backing from local and regional investors, the fund seeks to bridge capital and opportunity gaps in Iraq’s underserved market, harnessing the country’s young, tech-savvy population.
Mohamed Al-Hakim, who has a proven track record including leadership roles at Careem in Iraq and Jordan, views Iraq as poised for transformational growth over the next decade. EQIQ plans to allocate 80% of its capital to ventures within its ecosystem, encouraging cross-collaboration among portfolio companies to scale efficiently.
Co-founder Said Rahmani emphasizes Iraq’s stabilizing economy and entrepreneurial momentum as key drivers for innovation. EQIQ’s expanded $30 million target reflects confidence in supporting founders to build resilient tech companies that will anchor the region’s economy for years to come, leveraging global expertise and networks.
