• Iraq-based autotech iQ Cars has raised a 7-figure seed round led by Euphrates Ventures.
• Founded in 2020 by Amer Salih, iQ Cars is an online car marketplace platform that hosts over 34,000 listings and 1,000+ car dealers
• The company, now Iraq’s first startup registered as a Private Joint Stock Company (PSJC), plans to scale across Iraq’s cities while advancing transparency and innovation in the automotive sector.

Press release:

iQ Cars, the largest online car marketplace platform in Iraq, today announced the successful closure of a 7-figure Seed A funding round led by Euphrates Ventures.

iQ Cars is where buyers and sellers of cars meet in Iraq. The site hosts more than 34,000 listings from both private parties and over 1,000 car dealerships nationwide, backed by a thriving community of 420,000 members.

Distinguished by its smart technology and user-friendly experience, iQ Cars offers a comprehensive suite of tools, empowering users to find cars nationwide, effortlessly sell their vehicles, compare different models, access insightful guides, and purchase detailed car reports—all in one convenient place. This innovative approach has fuelled the platform's remarkable growth, achieving a 108% increase in revenue during 2024 and over 115% growth in lead generation for car sellers, driven primarily by strong organic user adoption.

This significant investment from Euphrates Ventures will be strategically deployed to accelerate iQ Cars' growth and further enhance its offerings. The funding will support the launch of new and innovative tools and business lines, solidifying iQ Cars' position as the dominant player in the Iraqi automotive market.

iQ Cars also marks a significant milestone as Iraq's first startup to be registered as a Private Joint Stock Company (PSJC), demonstrating its commitment to transparency and to the long-term development of the Iraqi economy. The company is currently operating in 5 major Iraqi cities and has users across the nation.

“I am proud to have Euphrates Ventures onboard this journey, and their confidence in our team and business model is very appreciated,” said Amer Salih, founder of iQ Cars. "This investment is a testament to the hard work and dedication of our team and the strong value proposition iQ Cars brings to the Iraqi automotive market. We are committed to revolutionising how Iraqis buy and sell cars, and this funding will enable us to introduce even more innovative solutions for our users and to grow rapidly across Iraq."

“In just over four years, Amer and his team have completely disrupted the famously opaque, dealer-dominated car market in Iraq,” said Grant Felgenhauer, Managing Partner of Euphrates Ventures. “iQ Cars has built a high-trust community where Iraqis can buy or sell a car with full transparency, low transaction costs, and peace of mind. The company’s choice to register as a local joint-stock company will ensure its long-term growth contributes to the broader development of the Iraqi economy.”