IQCars.net Drives Forward with Seven-Figure Seed Funding from Euphrates Ventures
Deal News | Apr 29, 2025 | Aim Group
Iraq-based auto marketplace IQCars.net has secured a significant seven-figure seed investment, led by Euphrates Ventures. Established in 2020, IQCars.net operates across five cities in Iraq and offers services in English, Arabic, and Kurdish. The online platform is a hub for over 34,000 listings from private sellers and more than 1,000 car dealerships, boasting an active community of 420,000 members. The investment is intended to fuel the company’s growth by introducing innovative tools and solutions, further solidifying its position in the market. In 2024, IQCars.net reported a 108% increase in revenue along with a 115% rise in lead generation, underscoring its expansion and market impact. Founder and CEO Amer Salih highlighted the importance of Euphrates Ventures’ confidence in the business and underscored the company's commitment to changing the automotive buying experience in Iraq.
Sectors
- Automotive Marketplace
- Venture Capital
Geography
- Iraq – IQCars.net operates in Iraq and has garnered a large user base within the country, making it the central geographical focus.
Industry
- Automotive Marketplace – The article focuses on IQCars.net, an online marketplace for buying and selling vehicles, which is a staple in the automotive sector.
- Venture Capital – The involvement of Euphrates Ventures in leading the seed funding round highlights the venture capital industry's role in financing startups.
Financials
- Seven-Figure – The seed funding amount secured by IQCars.net led by Euphrates Ventures.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| IQCars.net | Target Company | Company | An Iraq-based online automotive marketplace founded in 2020, operating in multiple cities and languages. |
| Euphrates Ventures | Investor | Company | A venture capital firm leading the seed funding for IQCars.net. |
| Amer Salih | CEO | Person | Founder and CEO of IQCars.net, leading the company towards growth and innovation in the Iraqi auto market. |
| IraqCars.iq | Competitor | Company | A rival auto marketplace competing with IQCars.net within Iraq. |
| Cars.iq | Competitor | Company | Another competitor of IQCars.net in the Iraqi auto marketplace. |
| OpenSooq | Competitor | Company | A marketplace horizontal posing competition to IQCars.net. |