Iraq’s Teami receives first investment through Iraqi Angel Investors Network
Teami, the Iraqi startup that provides CRM solutions to medical agents in Iraq to help them manage their on-field operations, has raised a five-figure funding round through the Iraqi Angel Investors Network. Other investors included Mohamed Al Hakim (General Manager of Careem in Iraq and Jordan), Iraqi Tech Ventures, Ahmed Baqir, and KAPITA.
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The company uses innovative technology to address the needs of the Iraqi market and its solutions are already being used by more than 400 users. Mustafa Al Jaf, 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. 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."
In addition to the funding round, Teami secured $20K 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.
Mohamed Al Hakim, an investor in the round said, “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."
Ali Al Suhail, manager of the Iraqi Angel Investors Network 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." With Ahmed Baqir adding, “Teami is a great example of a local answer to local problems using solid technology."
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Teami has graduated recently from ScaleUp Academy and Orange Corner Baghdad, both programs run by KAPITA. Mujahid Waisi, CEO of Kapita said, “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’’.
Mohammed Al Khudari, Executive Director of ITV additionally added, “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.”
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