Baghdad, Iraq – April 28, 2025 – iQ Cars, Iraq’s leading online car marketplace, has announced the successful closure of a 7-figure seed funding round, led by Euphrates Ventures. This milestone positions the company for accelerated expansion and enhanced market leadership.
Founded in late 2020, iQ Cars now hosts over 34,000 vehicle listings, representing 1,000+ dealerships and supported by a community of 420,000 members across Iraq.
The platform offers smart, easy-to-use tools for buyers and sellers to search, compare, list vehicles, and access car reports and guides — all in one seamless interface.
In 2024, iQ Cars achieved a 108% increase in revenue and over 115% growth in lead generation for sellers, driven by strong user adoption and intuitive product design.
The new funding will be strategically used to launch new services, tools, and business lines, bolstering iQ Cars’ role as the go-to automotive platform in Iraq.
“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 revolutionizing 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.”
iQ Cars is Iraq’s first startup registered as a Private Joint Stock Company (PJSC) — a pioneering move reflecting its commitment to transparency, governance, and sustainable growth.
