Iraq’s Teami Raises First Investment Round
Teami has concluded its first investment round through the Iraqi Angel Investors Network. The company raised a five-figure round from a group of Iraqi investors including; Mohammed Al-Hakim, the General Manager of Careem in Iraq and Jordan; Iraq Tech Ventures; Ahmed Baqir and KAPITA. In addition, Teami secured $20,000 in grants from the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH via its project “ICT for Youth in Iraq” as part of the organisation’s support to the Angel Network.
Teami provides CRM solutions to medical agents in Iraq to help them manage their on-field operations. The company is distinguished by its ability to use innovative technology to address the needs of the Iraqi market and already has over 400 users.
“The large tech opportunity remains for B2C businesses in Iraq but Teami is proof that there are many problems to address and markets to create on the corporate side as well’’.
Ali Al Suhail, the manager of the Iraqi Angel Investors Network
This is the second financing round completed through the Iraqi Angel Investors Network after the recent funding for Tabib Baghdad.
“Over my career, I have built a strong understanding of the pain points facing Iraqi medical representatives. Teami has been built to address the and we are ready to take on the market. With our funding round concluded, our focus will shift toward ramping up our marketing activities and optimising our product”.
Mustafa Al Jaf, the founder of Teami
Teami has graduated recently from ScaleUp Academy and Orange Corners Baghdad, both programs are run by KAPITA.
“We are committed to helping all of our founders from validating an idea to raising their first fund. We are very excited to continue the journey with Teami as an investor’’.
Mujahid Waisi; the CEO of Kapita
Analysis
KAPITA’s Iraqi Angel Investors Network is slowly increasing the number of investments in Iraqi startups. With two already secured this year, we expect to see many more in 2021. For years, Iraqi startups have struggled to access funding. This change in momentum will not only contribute to the economy, but encourage other founders to improve their businesses and ensure that they meet the necessary requirements to apply for funding.
