Seed Round

iQ Cars has secured a significant seed funding round of $7 million to enhance its online car marketplace platform, which connects buyers and sellers in Iraq's automotive market. The funding will be utilized to expand its operations, improve user experience, and increase the range of vehicles available on the platform. This investment will also support marketing efforts to boost user acquisition and retention. The round was led by Euphrates Ventures, a venture capital firm known for investing in innovative startups in the region. Founded in 2020 by Amer Salih, iQ Cars aims to modernize the automotive buying and selling experience in Iraq, providing a seamless and efficient platform for users. The company has already demonstrated significant growth, achieving a 108% increase in revenue and over 115% growth in lead generation for sellers in 2024, driven by strong user adoption and engagement.