The Kingdom of Netherlands and Iraq Venture Partners (IVP) organized a signing ceremony to launch the second phase of the Orange Corners Innovation Fund (OCIF). The ceremony was held on December 10 at the Embassy of the Kingdom of the Netherlands in Baghdad, Iraq.
The event saw attendance from Hans Sandee, Charge d’Affairs of the Embassy of the Kingdom of Netherlands to Iraq; Mike Sips, OCIF Advisor at the Netherlands Enterprise Agency; Bassam Falah, General Partner at IVP; the IVP fund management team, and Mujahid Waisi, CEO of KAPITA, a Baghdad-based private sector development company that empowers small and medium-sized enterprises (SMEs).
The signing marks the launch of the second phase of OCIF Baghdad, a 2.6-million-euro fund that includes a 400,000-euro co-investment from IVP, which will provide technical expertise, access to networks, and direct financial support to young entrepreneurs. The second phase of OCIF Baghdad will be implemented by IVP and is funded by the Kingdom of the Netherlands.
Charge d ’Affairs Hans Sandee congratulated IVP and expressed his support for the collaboration. Mr. Sandee highlighted that the second phase of OCIF will build on the success of the Orange Corners Program managed by KAPITA and conveyed the support of the Kingdom of the Netherlands to strengthen local partners to enable an entrepreneurial ecosystem, where ideas turn into impact.
Speaking of OCIF, Mike Sips OCIF Advisor at the Netherlands Enterprise Agency, stated “In 2019, we embarked on the journey to launch the Orange Corners Incubation Programme, and later the Orange Corners Innovation Fund. It is due to the hard work of our local partners and the impressive achievements, that we are able to continue this work during the second phase of the fund.”
Bassam Falah, General Partner at IVP added “We continue to be strong believers in the potentials of Iraqi entrepreneurs, and this new partnership with the Kingdom of the Netherlands to manage the Orange Corners Innovation Fund demonstrates our commitment to IVP’s mission statement which is to mobilize investments and drive deal flow within the Iraqi startup ecosystem”
Mujahed Waisi, CEO of KAPITA stressing the partnership shared, “The Dutch government’s support through Orange Corners and the Orange Corners Innovation Fund (OCIF) has been a cornerstone in developing Iraq’s entrepreneurial ecosystem. We at KAPITA, as the implementer of Orange Corners Baghdad and OCIF Phase One, are committed to collaborating effectively with IVP. Leveraging our experience and the Iraqi Angel Investors Network, we aim to facilitate investments and drive meaningful support for Iraqi startups, ensuring their continued growth and success.”
