- Iraq-based incubator KAPITA, has announced that its Iraqi Angel Investment Network (IAIN), has helped six startups to raise more than $1 million worth of investments.
- Founded in 2019, IAIN is the first Iraqi-focused angel network dedicated to empowering local startups with the goal of developing the entrepreneurship ecosystem and revitalising the private sector in Iraq with the support of GIZ and The World Bank.
- The six startups are Teami, Nakhla, Razi Care (formerly Tabib Baghdad), Hi-Express, and Orisdi.
KAPITA has announced that its Iraqi Angel Investment Network, IAIN, has successfully helped raise more than $1 million worth of investments for six startups. Funding through the network was raised for a variety of sectors, including health care, last-mile delivery, e-commerce, 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.
Mujahed 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”.