KAPITA announced that it has been awarded the Orange Corners Innovation Fund, a EUR 1m fund that will be used to support companies coming into the Orange Corners Baghdad program with financial assistance and training.
Orange Corners Innovation Fund “OCIF” is a program by the Ministry of Foreign Affairs of the Kingdom of Netherlands. The program aims to support emerging fund managers with capital to invest in early-stage startups and stimulate innovation and improve access to finance for entrepreneurs across Africa and the Middle East.
The OCIF program will support the Orange Corners Baghdad incubator; another program by the Ministry of Foreign Affairs of the Kingdom of Netherlands and being implemented by KAPITA. OCIF aims to support the incubatees with grants, investments and a set of investment readiness training. The program will be available to incoming cohort five incubators and previous cohorts of OC Baghdad.
The program will consist of two types of investments; Track 1 and Track 2. Incubatees in OC Baghdad will be entitled to a monthly stipend and a grant for services. Track 2 investments will include a larger investment for outstanding incubatees that will consist of a grant and a zero-interest loan.
The OCIF program fits well with the long standing vision of Kapita to build a robust private sector in Iraq and develop the emerging entrepreneurial scene. Kapita has successfully graduated 79 businesses from its OC Baghdad and one of the incubators, Teami, has managed to secure a further investment from the Iraqi Angel Investors Program.
Mujahid Waisi, CEO of Kapita, commented “OCIF will help aspiring entrepreneurs to build their ideas into businesses and build the deiple required to secure investments”. Ali Al Suhail, Managing Director of Investments at Kapita, has further commented “It addresses a significant market need in Iraq where private investors are not yet willing to invest in companies at the idea stage”
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.
About Orange Corners Baghdad:
Orange Corner’s Baghdad is an initiative of the Dutch Embassy in Baghdad. The economic priorities of the Netherlands in Iraq are agriculture, water and entrepreneurship. KAPITA supports the community of young entrepreneurs in Baghdad by building youth capacity, and developing successful businesses. We incubate 20 startups for six months: starting with providing a co-working space, training and developing their business, events and masterclasses, a positive environment and an opportunity for investment.