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The Venture Codex

EQ2 Ventures

Choueiri Group Building, Dubai Media City, Dubai, 21816, United Arab Emirates

Overview

EQ2 Ventures is an investment firm that invests in Seed to Series B-stage startup companies. It was incorporated as a spin-off of Equitrust, a corporate VC arm launched in 2015 by Choueiri Group to capture opportunities linked to the digital transformation of the Middle East. Relying on a strong network of strategic investors and mentors, EQ2 Ventures helps talented entrepreneurs solve major consumers and business problems, build sustainable companies. and create long-term value.

Total investments
10
Lead investments
3
Investments · 12mo
1
Active investors
1

Sector focus

  • Finance
  • Financial Services
  • Venture Capital
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Investment portfolio

  • TERN Group

    Participated · Series A · Sep 2025

    TERN Group operates an enterprise clinical AI workforce platform that sources, credentials, trains, relocates and settles healthcare professionals via integrated AI-driven workflows and human-led support. The system claims 60% faster time-to-hire, roughly 3x cost savings vs. locum models, 15–20% productivity gains, and 96% candidate retention. TERN has signed more than 100 global healthcare clients, including 18 UK NHS trusts, and expanded from one to six core markets (Germany, UK, UAE, KSA, Japan and USA). Over 650,000 healthcare professionals from 13 countries have signed up to the platform. Financially, the company has now raised a total of $33 million. With the new funding it plans to expand UK operations, deepen NHS and care-group partnerships, accelerate product development (compliance automation, workforce planning, system integrations) and invest in international clinical, linguistic and cultural preparation for hires.

  • Coraly.ai

    Participated · Seed · Aug 2025

    Coraly.ai provides an AI-powered growth platform designed to help real estate agents save time and grow their business. The platform offers lead enrichment, automated campaigns, and performance insights, integrates with existing CRM platforms, and automates tasks such as multi-portal publishing and 24/7 lead qualification. Founded in 2022 and formerly known as Coralytics, the company raised $2.0M in a pre-seed round in August 2025. The funding round was led by Salica Oryx Fund, with participation from EQ2 Ventures and strategic angel investors. Coraly.ai will use the proceeds to expand its AI capabilities and to launch commercially in Saudi Arabia. It also plans pilot programs in France and the United States and to strengthen its presence in the UAE.

  • Uncover

    Led · Seed · Jul 2024

    Uncover is a data-driven skincare brand for women, established in 2021 in Kenya, that develops scientifically backed products tested and approved by women of color. The company has built an educational tech platform that enables community engagement, relatable product discovery, and educational content, using thousands of data points to personalize recommendations. In the past 24 months Uncover has grown revenue tenfold and established a digital community of over 200,000 women across Kenya, Nigeria, and the diaspora. The startup recently expanded into Uganda and Ghana and is seeing global demand from African diaspora populations. It plans to use new funding to further develop its platform, introduce new products, enter additional markets, and continue leveraging data for personalization. Leadership frames Uncover as a movement to prioritize women of colour and aims to become the leading skincare brand for skin rich in melanin. Uncover is a Nairobi-headquartered, data-driven, digital-first women's brand focused on skincare and women’s health and wellbeing in Africa. The company blends Korean skincare technology with African ingredients to develop its products. It was launched out of the global VC accelerator Antler by founders Sneha Mehta, Jade Oyateru, and Catherine Lee. Since founding, Uncover reports a 20x increase in monthly revenue and a community of almost 60,000 women. The startup plans to use recent funding to launch more products, expand into additional African markets, and improve its technology and data capabilities. Management is preparing to enter the Nigerian market in January 2023 and is working on a third country entry.

  • Sukhiba

    Participated · Seed · Oct 2023

    Sukhiba has built a B2B conversational commerce tool that brings end-to-end transactions into WhatsApp, including browsing product catalogs, cart management, checkout and notifications. The platform supports local payment methods such as M-Pesa and offers order management, customer grouping, routing to sales staff and CRM-like monitoring features for manufacturers and distributors. Sukhiba says it has enabled WhatsApp commerce for more than 30 companies, serving close to 15,000 micro, small and medium-sized enterprises (MSMEs). The startup originally launched as a community commerce, asset-heavy model and pivoted to conversational commerce to focus on scalable software. Sukhiba is positioned to expand beyond Kenya into other high-WhatsApp-penetration African markets such as Ethiopia, South Africa, Egypt and Nigeria. The company closed a $1.5 million seed round to support that expansion.

  • Julaya

    Participated · Series A · Sep 2022

    Founded in 2018, Julaya operates a digital payments platform that enables merchants and enterprises to send, receive, and manage funds electronically. The company has secured formal Payment Establishment status from the Central Bank of West African States (BCEAO), allowing it to expand commercially and partner with other regional financial institutions. Julaya currently serves more than 1,000 business clients, ranging from small merchants to large enterprises, demonstrating strong initial market traction. Its core product focuses on streamlining B2B payments, payroll, and supplier disbursements, helping companies move away from cash-based transactions. With fresh capital in hand, Julaya plans to accelerate product development and widen its customer base throughout West Africa. The startup’s financial position has been strengthened by the recent $1.4 million convertible bond, which provides working capital without immediate equity dilution. Future milestones tied to the bond’s conversion terms will incentivize Julaya to translate regulatory success into sustained revenue growth and improved margins.

Team