Iraq-Based Netaj Launches Venture Capital Studio, Nawat

Iraq-based innovation platform Netaj has officially launched Nawat, billed as the country’s first venture capital (VC) studio, in a move designed to reshape the early-stage startup landscape in the country, with it set to support up to 40 Iraqi ventures across ideation, minimum viable product (MVP), and growth phases. 

Founded in 2023, Netaj is a technology and business hub that supports startups and professionals across Iraq. It offers consulting, training, and entrepreneurial services, along with collaborative workspaces for teams to develop and grow their ideas. 

The launch of Nawat expands Netaj’s scope, enabling it to offer not only entrepreneurial services but also funding, hands-on venture building, and long-term startup support. 

“Nawat was designed by a team of serial entrepreneurs, investors, and ecosystem builders who have founded, scaled, and exited businesses across Iraq, the GCC, and MENA,” Wissam Mattout, CEO, Netaj told Inc. Arabia in an interview. “Our leadership team includes operators with experience in venture capital, corporate transformation, education technology, digital health, cybersecurity, artificial intelligence (AI), and financial services.” 

That collective experience, Mattout added, is what allows Nawat to stand apart from conventional startup programs. “The ‘by founders, for founders’ principle is more than a slogan—it’s embedded in our program structure, mentoring approach, and investment philosophy,” he said. “Our team deeply understands the local constraints founders face and the global standards they must meet to be competitive.” 

Located in Baghdad’s Jadriyah district, Nawat is also sending a clear message to regional players: Iraq is investable. “The launch of Nawat signals that Iraq is investable—when approached with strategy, structure, and ecosystem trust,” Mattout said. “It shows that venture-building in Iraq can be professional, de-risked, and backed by a credible, founder-first platform.” 

Over the next three to five years, Mattout sees Iraq transforming from a frontier market into a rising entrepreneurial hub. “We aim to shift Iraq from being an overlooked frontier to a respected emerging market—by delivering real startup outcomes, not just headlines," he said. 

Mattout also pointed out that Nawat’s model differs from traditional accelerators or incubators. Instead of funneling startups through a fixed timeline, Netaj’s team supports each venture directly throughout its journey through a customized six-month program that blends mentorship, product development, market access, and investment preparation. “Rather than pushing startups through a timeline, we co-build with them, helping shape their business models, validate assumptions, and prepare for scale," Mattout explained. "This model addresses root-level inefficiencies while building long-term capacity." 

“Iraq’s startup ecosystem is still in its formative stages, with significant gaps in structured early-stage capital, experienced mentorship, and product-market fit guidance,” Mattout added. “Traditional accelerators often assume a level of readiness that doesn’t reflect the on-the-ground realities in Iraq. Many founders lack foundational exposure to venture building, go-to-market design, or financial structuring.” 

Through its immersive approach, Nawat aims to plug those gaps with six months of structured programming that includes expert-led bootcamps, one-on-one mentorship, legal and financial support, and curated investor matchmaking. The studio also offers in-kind support—including product development, branding, and digital tools—valued between US$10,000 and $25,000, in addition to direct investment of $25,000 to $250,000 through convertible notes or equity. 

Mattout described this hybrid investment model as a direct response to the needs that the team has observed while collectively working with over 100 Iraqi startups. “Our hybrid investment model—combining in-kind operational support with direct capital—enables us to de-risk startups at their earliest and most vulnerable stages,” he said. “This allows founders to focus on building rather than burning cash prematurely. We then bridge the funding gap through convertible notes or equity investments, only after validating traction.” 

A scene the launch event of Nawat. Image courtesy Netaj.

While the studio is sector-agnostic, it has its eyes on verticals that the team believes to have the most potential, given the current challenges faced in the Iraqi market. “We see strong potential in fintech, agritech, edtech, and healthtech—sectors where Iraq faces systemic challenges, and [where] digital innovation can leapfrog legacy systems,” Mattout said. “There’s also a compelling opportunity in logistics, e-commerce infrastructure, and green technologies, especially as public-private investments begin to flow.” 

Across these sectors, Nawat will focus on startups with clear traction, founder commitment, and potential for regional scalability. “The common denominator across these sectors is unmet demand coupled with shifting behaviors—particularly among Iraq’s young, tech-savvy population,” Mattout said. “Founders who solve hyper-local pain points while building models adaptable to regional markets will be best positioned for scalable success.” 

That local-first, regional-ready strategy is baked into every aspect of Nawat’s methodology. “Startups must first demonstrate traction by solving real, local problems—but from day one, we guide them to build modular, scalable models,” he said. “We support bilingual tech stacks, application programming interface (API)-driven platforms, and compliance-ready structures that can adapt to regional market dynamics.” 

The path for Iraqi founders, however, isn’t just shaped by product or capital gaps—it also involves structural hurdles, he explained. “Beyond funding, founders often struggle with corporate governance, compliance, talent acquisition, and market validation,” Mattout noted. “Access to mentors, localized tools, and venture literacy is limited, and many startups build without structured product testing or scalable go-to-market plans.” 

To counter that, Nawat offers end-to-end support that goes beyond the pitch deck. “We address this with dedicated track-specific support, covering everything from company registration and legal structuring to market testing and customer acquisition,” Mattout said. “We coach founders on regulatory strategy, risk mitigation, and fundraising beyond grants or competitions—focusing on sustainable, institutional capital.” 

Perhaps most crucially, Netaj is betting on long-term capacity, not quick wins. “We don’t just train founders; we embed investor discipline into how they think and operate,” Mattout said. “Each founder completes sessions on financial modeling, term sheet negotiation, data room setup, and pitch readiness.” 

Startups also benefit from direct exposure to investors through demo days, mock pitches, office hours, and regional networks, including entrepreneurs in the Iraqi diaspora. “Our mentorship isn’t transactional—it’s continuous, customized, and tied to tangible milestones,” he added. 

As for international and regional investors that have historically hesitated to back Iraqi startups, Nawat aims to become a trusted pipeline. “Our hope is that Nawat becomes a trusted pipeline of deal flow for regional investors seeking impact, growth, and first-mover advantage,” Mattout said. “We also want to inspire local institutions, banks, and corporates to co-invest, co-innovate, and believe in the value creation potential of Iraqi entrepreneurs.” 

Pictured in the lead image is Wissam Mattout, CEO of Netaj. Image courtesy Netaj.