Abu Dhabi - Sharikat Mubasher: Iliad Partners, a leading venture capital (VC) firm based in UAE, launched its $50 million Iliad Partners Tech Ventures Fund I which targets early-stage B2B software startups in the Middle East and North Africa (MENA) region.
Prominent regional and global investors, including the Jada Fund of Funds, the Olayan Family, Masarrah Investment Company, MLM Investments, the Constantakopoulos Family of Greece, and other major family groups and family offices in the GCC and Europe backed the fund, the company announced in a statement.
The fund will invest in tech startups driving digitization and innovation in target verticals including fintech, logistics, and proptech at the pre-series A and series A stages in MENA, primarily focusing on Saudi Arabia and the UAE. It will also allocate 10% of the fund to Europe, focusing on Greece, to support startups expanding into MENA.
The Iliad Fund launches with an initial set of investments in the Saudi-based companies OTO and Penny, as well as the UAE-based fintech firm Qashio.
Christos Mastoras, Founder and Managing Partner of Iliad Partners, stated that the launch of the new fund represents a significant milestone in the company’s journey.
“The region is currently undergoing unprecedented transformation and growth driven by technology and innovation, establishing it as a global hub of entrepreneurship. We are excited to partner with founders to build together great companies and the next generation of MENA success stories,” Mastoras elaborated.
On his part, Bandr Alhomaly, Managing Director and CEO of Jada Fund of Funds, said: "We are an early investor in Iliad Partners Tech Ventures Fund I and are committed to advancing technological innovation in the MENA region, with a focus on Saudi Arabia. Through this fund, we aim to support emerging startups with high growth potential."
Iliad Partners supports founders via an active, hands-on approach with business development, partnerships with its LP base, Saudi market entry, and regional expansion while helping them develop their governance and finance functions.
