Iraq sees first angel investor network

A Baghdad-based development company, Kapita, is looking to help boost Iraq’s entrepreneurs after launching what it claims is the first Iraq-dedicated angel investor network. The project, which is also backed by the German government via the German Agency for International Cooperation, is hoping to support the country’s start-ups by connecting them with venture capitalists and the ability to access capital. Like most countries in the region, Iraq is looking to reduce its dependence on oil-based revenues by diversifying its economy and providing local start-ups and entrepreneurs with greater access to capital is seen as integral to those efforts. “Access to finance remains one of the key issues facing Iraqi entrepreneurs,” said Ali Al Suhail, one of the fund managers on the network. “The network will provide start-ups with an institutionalised path to access capital for all Iraqi entrepreneurs.” Some of the companies involved in the project include institutional investor broker Rabee Securities and Dubai-based investment firm YAG Capital. © 2020 funds global mena

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