Iraq’s Teami receives its first investment through the Iraqi Angel Investors Network
Teami has concluded its first investment round through the Iraqi Angel Investors Network. The company managed to raise a five figure round from a group of distinguished Iraqi investors including; Mohamed Al Hakim, the General Manager of Careem in Iraq and Jordan; Iraqi Tech Ventures; Ahmed Baqir and KAPITA. In addition, Teami secured USD 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 organization's support to the Angel Network. This event marks the second financing round completed through the Iraqi Angel Investors Network after the recent funding for Tabib Baghdad.
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. The company’s solutions are already being used by more than 400 users. Mustafa Al Jaf, the founder of Teami, is a veteran of the industry with more than 10 years of experience in Abbott. He commented “Over my career, I have built a strong understanding of the pain points facing Iraqi medical representatives, Teami has been built to address them”. On the funding, he commented “We are ready to take on the market. With our funding round concluded, our focus will shift toward ramping up our marketing activities and optimizing our product”.
Mohamed Al Hakim, one of the investors commented, “Teami addresses a real market need today, we see great potential for the company to capture a strong market share over the next few years. Technology can address many of Iraq's challenges and I see great prospects for Iraqi startups”. Ahmed Baqir added “Teami is a great example of a local answer to local problems using solid technology”.
Teami has graduated recently from ScaleUp Academy and Orange Corner Baghdad, both programs run by KAPITA. Mujahid Waisi; the CEO of Kapita, commented, “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’’.
The company has also seen the participation of Iraqi Tech Ventures, this is the third investment for Iraqi Tech Ventures in Iraq after completing their investments into Miswag and AlSaree3. Mohammed Al Khudari, the Executive Director of ITV commented “The Iraqi technology market presents a tremendous opportunity for investors, Teami is a prime example of what can be accomplished by the support of investors and the right founder mindset.”
Ali Al Suhail, the manager of the Iraqi Angel Investors Network further commented, “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’’.
About KAPITA Business Hub:
KAPITA is a private sector development company that aims to empower small and medium-sized enterprises (SMEs) through investment, research, incubation/acceleration, and market development programs.
The first Iraqi-focused angel network dedicated toward matching the expertise and capital of angel investors with rising start-ups in the country, with the ultimate goal of developing the entrepreneurship ecosystem and revitalizing the private sector in Iraq with the support of GIZ and The World Bank.