Category: NEWS

Orderii, a cross-border e-commerce platform closed a 6-figure pre-seed round in October 2022. The platform provides logistics services for sought-after goods only available on foreign sites.

KAPITA’s Iraqi Angel Investors Network (IAIN) facilitated the investment. Mujahed Waisi, CEO of KAPITA, said “Orderii is one of the alumni startups of Orange Corners Baghdad and Scaleup Academy, We are happy to see startups going through the pipeline we started to train them and make them investment ready to IAIN”. He added “we are glad to see this investment and to have an investment firm like IVP in the ecosystem.”

Iraq Venture Partners (IVP) raised the investment round and plans to continue to support Orderii in fundraising for future rounds. Zahi Hilal, Investment Manager at IVP, commented, “Shakir has what it takes to grow a business in Iraq. He is operationally savvy and knows the Iraqi consumer. He has built a strong team and shown impressive traction without any external funding thus far. Now with funding, we look forward to seeing him take Orderii to the next level.”

Shakir originally founded Orderii seven years ago under the name “Shakir Amazon” in Baghdad. Recently, Orderii expanded its infrastructure and team to cater to a growing demand from Iraqi consumers for foreign products. This increase in demand stems from the increase in digital literacy and adoption of smartphones occurring among Iraq’s young population within the past several years.

Orderii has strong logistics relationships with key providers, enabling it to offer competitive shipping rates and shorter delivery times than its competitors. Unlike traditional e-commerce platforms, Orderii facilitates online shopping from foreign sites, offering authentic products which are inaccessible to the typical Iraqi consumer, and delivering them to the customer’s door.

Founder and CEO of Orderii, Shakir Ayad Al Jammas, commented, “We have been serving the Iraqi customer for several years now, enabling them to purchase products from brands that they cannot find in Iraq. We are eager to take Orderii to the next level with funding from investors and grow the business to serve the Iraqi customer even better than before.”

He continued, “With this funding, Orderii will increase its presence in key markets like Turkey, China, and the US to provide Iraqis with more variety. We will also improve the customer’s experience on our mobile app through the integration of more features which will enable a seamless checkout and package tracking experience.”

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About KAPITA Business Hub:

KAPITA is a private sector development company that aims to empower small and medium-sized enterprises (SMEs) through investment, research, incubation/acceleration, and market development programs.

About IAIN:

The first Iraqi-focused angel network dedicated toward matching the expertise and capital of angel investors with rising start-ups in the country, with the ultimate goal of developing the entrepreneurship ecosystem and revitalizing the private sector in Iraq with the support of GIZ and The World Bank.

KAPITA has announced that its Iraqi Angel Investment Network, IAIN, has successfully helped raise more than one million dollars worth of investments for six startups. Funding through the network was raised to a variety of sectors, including health care, last-mile delivery, eCommerce, and Agri-tech. This milestone demonstrates the growing appetite for angel investors to support Iraqi startups and the increasing potential of the entrepreneurial tech ecosystem in Iraq.

 

The Iraqi angel investors network is the first angel network in Iraq that has gathered a group of both local and foreign angel investors to support the Iraqi entrepreneurial ecosystem. IAIN is supported by GIZ, The Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH. The World Bank has also played a technical assistant role in developing the Iraqi Angel Investors Network, IAIN.

The network helps Iraqi startups with sharpening their messaging and preparing their pitch decks and business plans for investors to address the funding gap present for seed and pre-seed funding rounds, the network’s importance to Startups and angel investors rose. IAIN actively provides due diligence, valuation advice, pitch deck preparation, pitching skills, and deal negotiation, in addition to the opportunity for startups to pitch in front of local and international investors. Once a month, the network hosts a pitch day, where startups present their businesses and demonstrate their growth potential to investors.

The company has helped six companies raise funding rounds; Teami, Nakhla, Razi Care (formerly Tabib Baghdad), Hi-Express, and Orisdi. The network also includes some key investors active in the Iraqi scene, including Shwan Taha, Yazen Abu Gulal, and Grant Felgenhauer, among others. Recently, Hussain Qaragholi, former Managing Director at Deutsche Bank, joined the network with Zainab Al Kufaishi, Head of the Middle East and Africa at Invesco, and Joanne Marques, former director at Netflix and Uber.

Mujahid Waisi, the CEO of KAPITA, commented “IAIN is an integral part of the Iraqi ecosystem and plays a key role in helping businesses get their first cheque; we at KAPITA strongly believe in the potential of the Iraqi ecosystem and the role our angel investors play in nurturing early stage businesses and help them reach their next level of growth”. He further commented, “We are also happy to announce launching more initiatives by the network to support Iraqi startups in the near future”.

About KAPITA Business Hub:

KAPITA is a private sector development company that aims to empower small and medium-sized enterprises (SMEs) through investment, research, incubation/acceleration, and market development programs.

About IAIN:

The first Iraqi-focused angel network dedicated toward matching the expertise and capital of angel investors with rising start-ups in the country, with the ultimate goal of developing the entrepreneurship ecosystem and revitalizing the private sector in Iraq with the support of GIZ and The World Bank.

The Iraq-based e-commerce business, Orisdi has raised a new six figure investment round that included the participation of existing and new investors. The round was facilitated by the Iraqi Angel Investors Network and served to reinforce the continuous growth of the business and the growing potential of e-commerce in Iraq. 

 

The round saw the return of existing investors, including Al Sharqiya TV, Mohamed Shaikley, Amar Shubar, Nour Sabri, Kerem Danish, Omar Al Handal from Al Handal International group, and Bassam Falah from Innovest Middle East to reaffirm their commitment to the company. The round also saw the participation of new investors, including Mohamad Ferej, Rayya Al Zubaydi, and others. Ferej is a tech industry veteran and has held leading roles in Ericsson, Lumentis, and Transmode and experienced a successful M&A and IPO. 

 

Orisdi is a leading vertically integrated e-commerce store in Iraq that offers buyers a convenient shopping experience for a wide range of products to distupt the Iraqi retail market. Orisdi is focused on multiple categories including perfumes, cosmetics, appliances, stationery and electronics, amongst others.

 

The Total Addressable Market (“TAM”) for e-commerce in Iraq has been growing rapidly on the back of a young population that is increasingly internet savvy. Statista estimates the TAM to be $5.667B in 2022 and is expected to grow to $8B over the coming three years. 

 

Ahmed Al Kiremli, the Founder & CEO of Orisdi, commented, “We plan to continue to focus on our winning categories as a vertically integrated e-commerce store and to offer only genuine brands”. He added that the company continues to be the most efficient e-commerce player in Iraq in terms of units of economics compared to its competitors through continuous learning and processes optimization and that the business is approaching the break-even point.

 

Mohsen Khairaldin Garica, Managing Director of Investments at Al Sharqiya Group and a member of the Iraqi Angel Investors Network, commented: “I believe we will soon see an increase in M&A opportunities in the Iraqi e-commerce market as ventures like Orisdi and its competitors mature. Mohammed Shaikley, one of the early and returning investors of Orisdi, added, “We are happy to see the rising interest and involvement of regional VCs in Iraq during the last 12 months. Iraq has a big potential as a tech market with an underserved population of over 42 million”.

 

Al Kiremli added:, “We were able to overcome an important milestone by completing the company registration at Abu Dhabi Global Markets (ADGM); this will provide a more attractive legal structure for regional and international VCs looking for exposure to Iraq’s e-commerce future.” So If you are an angel investor or a VC interested in investing in the Iraqi tech ecosystem, Orisdi remains open to raising additional funds in order to facilitate the scaling of the company.

 

The investment has been facilitated by the Iraqi Angel Investors Network, an initiative by Kapita sponsored by the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH via its project “ICT for Youth in Iraq”.

 

Nakhla, an Iraqi-based Agri-tech social enterprise, has received a six-figure investment from Euphrates Ventures, an Iraq-focused venture fund. The investment was facilitated by the Iraqi Angel Investors Network and marks the first investment round completed by an Iraqi Agri-tech startup. Nakhla is the Arabic name for date palm tree and has long been associated with Iraq’s history and culture.

Nakhla was founded in 2018 by Labeeb Kashif Al-Gitta in Iraq to provide cultivation, harvesting and cleaning services to date palm trees across Baghdad. Users can subscribe to the company’s services in exchange for a subscription fee and a revenue share of the palm tree’s harvest. In addition, users can adopt a date palm tree planted in a public space. The company sells the harvest of the palm trees it serves under its own brand as part of its partnership with the Iraqi Company for Manufacturing and Marketing Dates and Imar Al Iraq. Labeeb, the CEO of Nakhla, has commented “Date palm trees have always been considered a national treasure in Iraq. Today there are more than 19 million date palm trees, 7 million of which are not made productive. We want to change that”.

Nakhla has been awarded the care of more than 12,000 date palm trees across Baghdad by the local municipality. The company has also secured sponsorship partnerships with major corporations in Iraq. Recently, the company has been selected to be part of the USAid sponsored MENA Regional Hub initiative of the Water and Energy for Food program. The company plans to launch its mobile app by mid-year and has plans to integrate AI and IoT elements into its services. Labeeb further commented “There is great potential in reviving agriculture in Iraq, but we want to go beyond that and integrate the latest technologies into our service”. It should be noted that Iraq’s harvest yield of palm trees falls behind that of other countries in the region.

Euphrates Venture has made investments into five startups including Miswag, the leading Iraqi e-commerce platform, and Alsree3, a leading food delivery service. This investment marks Euphrates first venture into Agri-Tech. Grant Felgenhauer, a Managing Partner at the firm, commented “Agriculture has the potential to be one of the most dynamic sectors of the non-oil Iraqi economy, but it is often overlooked by foreign and local investors. We are thrilled to be supporting the team at Nakhla as they expand their unique business model to deliver both economic returns as well as social impact.” Geoffrey Batt, a Managing Partner at the firm, added “Nakhla is attempting to revive a once-thriving industry in Iraq—we believe it can.  The founders and employees have great expertise, drive and vision, and we are happy to play a role in helping them achieve their goals.”

The investment has been facilitated by the Iraqi Angel Investors Network, an initiative by Kapita sponsored by the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH via its project “ICT for Youth in Iraq”. Ali Al Suhail, the Network Manager for the Iraqi Angel Investors Network commented “Agri-Tech is an attractive space in Iraq that we are very excited about and foresee much larger activity in the coming years”.

About Nakhla

Nakhla is an Iraqi start-up that provides a wide range of services for date palm tree owners including harvesting, cultivating and cleaning. The company also sells harvest of the date palm trees it services under its own brand.

About Euphrates Ventures

Euphrates Ventures is a venture fund managed by Euphrates Advisors that invests in a concentrated portfolio of high growth early-stage private companies operating in Iraq.

 

IoT-Kids, an Iraqi-based online programming learning platform for children, has successfully secured five-figure investment from the leading ISP provider in Iraq; Earthlink Telecommunications  through the Iraqi Angel Investors Network member; Dr. Ala’a Jasim. This investment included a matching grant of 20,000 dollars from the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH via its project “ICT for Youth in Iraq” as part of the organization’s support to the Angel Network.

IoT-Kids was founded in 2015 by Mohammad Khaled and Ali Taher in Iraq as a provider of programming courses for schools across the country. The company has launched its online platform in 2019 to provide its users with digital versions of its courses. The company boasts a digital community of more than 200,000 users and has had more than 10,000 students complete its courses. Ali Taher, the COO of IoT Kids commented “We are very excited to have Earthlink as part of our journey, the funding will help us expand our online platform, marketing efforts and in due course expand outside of Iraq to other countries in the region”.

 

Earthlink Telecommunications is the largest and fastest-growing Internet Service Provider in Iraq and its portfolio of services includes ICT solutions, data centers, and managed services catering to the needs of the public and private sectors. Dr. Ala’a Jasim, the Deputy CEO of Earthlink Telecommunications, said: “Earthlink’s commitment to building strong internet infrastructure in Iraq derives from its vision to be the technology driver of Iraq’s future, and we already come a long way evolving from an internet service provider to an internet economy enabler. Our investment into IoT Kids echoes our strategy and we see a great potential in IoT Kids vision to raise a new tech enabled-generation”.

 

IoT Kids has won multiple local and international competitions including that of the Falling Walls Foundation in Germany, the World Summit Awards, and first place awards as an Iraqi startup for Seedstars in 2019. IoT Kids has recently graduated from the Takween Accelerator Program; a Yanhad project implemented by the American University of Sulaymaniyah. 

 

Mujahid Waisi, the CEO of Kapita, commented “We are very happy to see locally established businesses play an increasing role in supporting the private sector through actively investing into the local Iraqi ecosystem”. Ali Al Suhail, the Network Manager for the Iraqi Angel Investors Network commented “IAIN key mission is to enable investments into Iraqi businesses, our members engaging in corporate ventures is a positive indicator of established businesses and startups working together to enable disruption”.

 

About IoT Kids: IoT Kids is an online learning platform for children between ages 5 – 15 years that focuses on coding-related content, the company also offers online and in-person classes. Its educational content covers a wide range of subjects including Game Design, Robotics, Electronics, Artificial Intelligence, Machine Learning, and 3D Modeling.

 

About Earthlink: Earthlink Telecommunications started in 2005 as an Internet service provider. Within just a few years, Earthlink has become the largest Internet service provider in Iraq. We serve every city and town in the country, as well as our presence in several major cities around the world. Earthlink is not just an Internet service provider; we provide ICT solutions, data center services, managed services to business and government organizations, and much more.

 

Orisdi, the leading e-commerce store in Iraq, has successfully signed a six-figure deal with Al Sharqiya TV Group (“Sharqiya”).

Sharqiya is one of the largest media groups operating in Iraq, having launched the country’s first fully independent privately-owned satellite TV channel in 2004, complemented by the addition of the Sharqiya News channel in 2008. This investment round for Orisdi was facilitated through the Iraqi Angel Investors Network and included a matching grant from the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH via its project “ICT for Youth in Iraq” as part of the organization’s support to the Angel Network.

Orisdi was founded in February 2019 by Ahmed Al Kiremli and Hala Usama and launched in May 2019. It focuses on providing its customers with a wide range of products with a unique customer experience. The business was bootstrapped at the start, then received investment by a group of angel investors before receiving funding from institutional investors. The e-commerce startup has now reached an impressive seven figures in net sales, with over 37,000 product SKUs, making it the fastest-growing e-commerce store in Iraq.

As part of its investment, Al Sharqiya will promote Orisdi’s brand through regular TV spots, across its social media pages, in addition to complimentary coverage of Orisdi and the e-commerce, technology, digital innovation and general business startup scene in Iraq on Al Sharqiya’s suite of reality TV shows, and news programming.  

Prior to this deal, Al Sharqiya will be joining a solid list of backers behind Orisdi, such as Innovest Middle East VC and a group of angel investors, including Amar Shubar, a partner at Management Partners Consulting, and Omar Al-Handal, the Managing director of Al Handal International Group. The retail industry is evolving in Iraq, and consumer behavior has shifted from shopping in physical stores to purchasing online. A few years ago,  Iraqi consumers started buying products online via social media platforms, which usually involved a lot of fraud and risk. Seeing a gap in the market for a trusted local e-commerce platform site, Orisdi was founded in 2019, providing Iraq’s consumers with a one-stop shop for competitively priced products. They offered a reliable delivery and returns policy, a trustworthy and user-friendly platform, and leading customer service. 

Orisdi is the first place winner of the grant of the Spring 2021 cohort of Takween Accelerator – the leading program for tech startups in Iraq. Takween is supported by the European Union and the French Ministry of Foreign Affairs, Implemented by the Expertise France, and hosted at the American University of Iraq, Sulaimani.

Advisory support to this transaction was provided through USAID’s Durable Communities and Economic Opportunities (DCEO) project, with implementation from CrossBoundary. The support helped Orisdi respond to investor questions through the due diligence process around the company’s operating and financial model. The support helped Orisdi respond to investor questions throughout the due diligence process around the company’s operating and financial model. Jad El Jamous, a strategic startup advisor, provided additional guidance to Sharqiya during this period, enabling the transaction to progress smoothly.

Nour Sabri, an angel investor, said: “I am impressed by Orisdi’s growth and potential to become the Amazon of Iraq. I believe that with Al Sharqiya’s partnership the company will be able to head towards new heights.”   

Mohsen Khairaldin, Managing Director for Investments at Al Sharqiya Group, said: “We are delighted to partner with Orisdi as part of our growing interest in supporting the digital start-up sector in Iraq and the vital contributions private-sector companies can make towards solving day-to-day challenges for Iraqis. As one of Iraq’s leading and fastest growing e-commerce players, we believe that Orisdi provides a valuable service that more Iraqis can benefit from as awareness of its brand increases over time”.  

As the e-commerce industry is still relatively new in Iraq, Orisdi is paving the way with its offerings, focusing on being a customer-centric company and extending its customer lifetime value. Orisdi was the first platform in the Iraqi market to focus on creating a great customer experience and offering 48 hours return & exchange policy with no shipping fee to ensure that the customer has a better shopping experience and to close the gap of the customers who lack trust in online shopping in Iraq.

Ahmed Al Kiremli, Co-Founder & CEO of Orisdi says, “Al Sharqiya’s partnership with Orisdi is a significant and strategic milestone for us. It will enhance our standing with both customers and investors and will open new doors in terms of exposure and awareness from millions of Al Sharqiya’s viewers across its TV and digital platforms that will generate new customer segments and scale our sales.” 

Ali Al Suhail, the Network Manager for the Iraqi Angel Investors Network commented: “As KAPITA, we are very happy to see leading Iraqi businesses investing in local startups, Iraq holds huge potential as a digital market but capital will be critical in unlocking this potential.”

About Orisdi

Orisdi is the leading online store in Iraq that offers a broad range of products, such as perfumes, cosmetics, stationery, electronics, groceries, toys, baby care products, appliances, and home & kitchen products.

Orisdi’s brand and name is inspired by a famous department store in Iraq that enjoyed wide popularity at the beginning of the 20th century, using the name “Orosdi-Back”. It was renowned for its wide selection of products, brands, and competitive pricing. In the Iraqi dialect, most people pronounced it “Orisdi” or “Orizdi”. Orisdi wants to reconnect with customers’ memories of this well-known store and offer them an online shopping experience that is entirely new to Iraq.

Iraqi Angel Investors Network

IAIN was founded in 2020 by the project “Information and Communication Technology (ICT) – Perspectives for the Modern Youth in Iraq” of the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, commissioned by the German Federal Ministry for Economic Cooperation and Development, in cooperation with its partner KAPITA.

 

[Baghdad, Iraq] KAPITA, in partnership with Iraqi Angel Investor Jafar Musawi (CEO of Atlas Plast), have opened up a new co-working space in Baghdad that aims to support the growing entrepreneurship and small business sector in Iraq.

 

The newly opened space ‘CoWork’, is a dedicated co-working space for companies, freelancers, startups and creatives who need a flexible and professional workspace in Baghdad. CoWork is designed to be a convenient and affordable option for youth and freelancers to work from. It is a membership-based coworking space that has the capacity to serve up to 250 youth. This new space by KAPITA aims to create a network of productive Iraqi youth, linking freelancers with small business owners and startups, that enhances and develops the Iraqi ecosystem.

 

On the 22nd of April 2020, KAPITA held an opening ceremony for CoWork where a number of official figures and representatives from the Baghdad Chamber of Commerce attended along with respective figures from Banks, large corporations, prominent businessmen and Iraqi youth.

 

Mujahed Al Waisi, Executive Director of KAPITA stated, ‘’CoWork is a new addition to Baghdad, providing an important platform and space for companies, emerging projects and entrepreneurs. The entrepreneurship sector is expanding and growing rapidly in Iraq and there is greater need and urgency to keep up with these changes that are happening and a greater need to support the Iraqi youth in this sector’’.

 

Jaafar Musawi, the Angel investor of CoWork added, ‘’As businessmen, we know every well the challenges that any project in Iraq faces. We must contribute in opening up new opportunities for the Iraqi market and encourage foreign and local companies to expand into Iraq and relieve any pressures and challenges they may face by providing creative spaces, services and solutions. I am very happy to partner up with KAPITA and to be able to provide a new space for entrepreneurs in Iraq.

 

In addition, Bahaaddin Salim, CEO of Nass Al Iraq added, ‘’We are happy to support this space by providing the entrepreneurs with essential services that they require such as high-speed internet.”

 

About CoWork

CoWork is a dedicated co-working space for companies, freelancers, start-ups and creatives who need a flexible and professional workspace.

 

CoWork offers premium office spaces such as; private offices, shared desks, virtual offices and meeting pods at the lowest cost possible. You will have the freedom to scale your space up (or down) and you will be able to book for a day, a week or a month depending on your need. Coworking here will give you an enthusiastic and collaborative community and you will gain immediate access to other freelancers and consultants, all under one roof. All ready to network, share ideas and collaborate.

For more information visit, https://cowork.rent/en

 

About Kapita

Kapita is a private sector development company that aims to empower small and medium-sized enterprises (SMEs) through investment, research, incubation/acceleration, and market development programs. It has recently announced the graduation of 20 startups from its incubation program “Orange Corners Baghdad” in collaboration with the Netherland government and is currently accepting applications for the next edition of the program. Kapita is also running an accelerator program in partnership with GIZ and AsiaCell that focuses on scaling and growing existing startups.

For more information visit, http://www.kapita.iq/

We are happy to announce that Iraq Angel Investors Network is now a member of The Early-Stage Capital Provider Network (ESCP); an initiative by the Collaborative for Frontier Finance.

The Collaborative for Frontier Finance is a multi-stakeholder initiative that aims to increase access to capital for small and growing businesses (SGBs) in emerging markets. ESCP Network encompasses capital providers that target SGBs at the early stage of their business model.

Being part of ESCP Network will help IAIN share learnings and build relationships with other early stage capital providers across geographies. IAIN will also be able to create collective action with other ESCP members to identify, develop and implement ideas which the CFF and the network can take forward to provide benefits to the ESCP network as a whole.

Visit IAIN to learn more about our funding process.

The Iraqi Angel Investors Network (IAIN) announced its third facilitated investment into startups in Iraq. The members of the network;Amar Shubar and Jaafar Al Musawi, along with other co-inventors, have made a six figures investment into Hi-Express.

Hi-Express is a last mile delivery focused on the B2B segment of the market and was founded in 2019 by Mujahid Waisi, Ameen Saleem and Ahmed Al Alousi. Hi-Express has grown to serve more than 170 vendors over the past year empowered by its proprietary technology and the deep experience of its founding team. Ahmed Al Aloosi, the CEO of Hi-Express, has commented “Despite the increasing competition in the last mile market in Iraq, the size and potential of the market makes it still up for grabs. Our growth over the past year is a testament to our abilities”. Mujahid Waisi added “This investment will allow us to expand our fleet and offerings to cover the whole Iraqi market, we aim to be the trusted logistics partner to all startups and e-commerce platforms in Iraq”.

Amar Shubar, a member of IAIN and Partner at Management Partners, has commented, “Operations excellence is a key challenge for most companies operating in Iraq and especially the last-mile-delivery segment. The team and technology behind Hi-Express has demonstrated its ability to overcome such challenges. While currently most of the last-mile-delivery demand is driven by the increased E-commerce transactions in Iraq, HI-Express is well positioned to transform customer engagement and service fulfillment for a number of sectors – especially related to the government and financial service sector. ”

Ali Al Suhail, the Investment Manager at IAIN, commented “We are very proud to facilitate the third investment through the network in a record time, it demonstrates the tech opportunity in the Iraqi market and the ability for investments to take place when the right settings are applied”.

Teami has concluded its first investment round through the Iraqi Angel Investors Network. The company managed to raise a five figure round from a group of distinguished Iraqi investors including; Mohamed Al Hakim, the General Manager of Careem in Iraq and Jordan; Iraqi Tech Ventures; Ahmed Baqir and KAPITA. In addition, Teami secured USD 20,000 in grants from the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH via its project “ICT for Youth in Iraq” as part of the organization’s support to the Angel Network. This event marks the second financing round completed through the Iraqi Angel Investors Network after the recent funding for Tabib Baghdad.

Teami provides CRM solutions to medical agents in Iraq to help them manage their on-field operations. The company is distinguished by its ability to use innovative technology to address the needs of the Iraqi market. The company’s solutions are already being used by more than 400 users. Mustafa Al Jaf, the founder of Teami, is a veteran of the industry with more than 10 years of experience in Abbott. He commented “Over my career, I have built a strong understanding of the pain points facing Iraqi medical representatives, Teami has been built to address them”. On the funding, he commented “We are ready to take on the market. With our funding round concluded, our focus will shift toward ramping up our marketing activities and optimizing our product”.
Mohamed Al Hakim, one of the investors commented, “Teami addresses a real market need today, we see great potential for the company to capture a strong market share over the next few years. Technology can address many of Iraq’s challenges and I see great prospects for Iraqi startups”. Ahmed Baqir added “Teami is a great example of a local answer to local problems using solid technology”.

Teami has graduated recently from ScaleUp Academy and Orange Corner Baghdad, both programs run by KAPITA. Mujahid Waisi; the CEO of Kapita, commented, “We are committed to helping all of our founders from validating an idea to raising their first fund, we are very excited to continue the journey with Teami as an investor’’.

The company has also seen the participation of Iraqi Tech Ventures, this is the third investment for Iraqi Tech Ventures in Iraq after completing their investments into Miswag and AlSaree3. Mohammed Al Khudari, the Executive Director of ITV commented “The Iraqi technology market presents a tremendous opportunity for investors, Teami is a prime example of what can be accomplished by the support of investors and the right founder mindset.”

Ali Al Suhail, the manager of the Iraqi Angel Investors Network further commented, “The large tech opportunity remains for B2C businesses in Iraq but Teami is proof that there are many problems to address and markets to create on the corporate side as well’’.