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Iraq-based autotech iQ Cars raises a 7-figure seed round led by Euphrates Ventures to scale its online car marketplace across Iraq.

Apr 30, 2025•8 months ago

Round Type

Seed

ErbilAutomotiveMarketplaceInternetE Commerce

Investors

Euphrates Ventures

Description

iQ Cars, the largest online car marketplace platform in Iraq, has successfully closed a 7-figure Seed funding round led by Euphrates Ventures. The investment will accelerate growth and enhance offerings, supporting the launch of new tools and business lines. iQ Cars features over 34,000 listings and has achieved significant revenue growth in 2024. This milestone also marks the company's registration as Iraq’s first Private Joint Stock Company (PSJC).

Company Information

Company

iQ Cars

Location

Erbil, Erbil Governorate, Iraq

About

iQ Cars is an online car marketplace platform based in Iraq, hosting over 34,000 listings and over 1,000 car dealers. Founded in 2020, it focuses on providing a user-friendly experience and smart technology solutions for buying and selling cars. The platform has achieved significant revenue growth and aims to revolutionize the Iraqi automotive market. iQ Cars is notable as Iraq’s first startup registered as a Private Joint Stock Company.

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Funding Insights

Based on industry data
VC-backed spending patterns
VC-backed companies spend 89% more on sales and 100% more on marketing than bootstrapped peers