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Iraq’s start-ups herald an economic shake-up as the ‘winds of change’ begin
Tech start-ups in Iraq — led by ambitious young men and women — are seeking to attract more foreign investment, supercharge the private sector and help reduce the country’s reliance on oil revenue despite operating in challenging market conditions.
From e-commerce to green technology, AgriTech, FinTech and food delivery, investment opportunities abound in start-ups across a host of promising sectors, according to entrepreneurs, venture capital funds and incubators operating in the country.
“Iraq is being transformed,” Ali Al-Suhail, managing director of angel investor network Kapita told The National. “The winds of change are upon us … there is a strange entrepreneurial vibe taking over the country.”
He was speaking during a two-day “Iraqi Start-up Days” event held at the country’s pavilion at Expo 2020 Dubai this month. Aimed at showcasing Iraq’s nascent but growing tech start-up scene, it featured presentations by entrepreneurs running some of the most prominent local ventures who highlighted the growth opportunities as well as operational challenges.
Start-ups in Iraq secured $7 million in funding last year, more than double the amount raised in 2020, through seven deals mainly in the food and beverages sector, according to data platform Magnitt.
Iraq received less than 1 per cent of the $2.6 billion in venture capital funding allocated to start-ups in the Middle East and North Africa region in 2021, lagging behind the most active markets of the UAE, Saudi Arabia and Egypt.