Iliad Partners, a UAE-based venture capital firm, has announced the first close of its $50 million Iliad Partners Tech Ventures Fund I. The fund targets early-stage B2B technology startups in the MENA region, focusing on sectors such as fintech, logistics and proptech, with a primary emphasis on Saudi Arabia and the UAE. It also allocates 10% of its capital to European startups, particularly those in Greece, aiming to expand into the MENA market.
Prominent investors backing the fund include Jada Fund of Funds, a subsidiary of Saudi Arabia’s Public Investment Fund (PIF), 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.
The fund’s initial investments comprise OTO, a Saudi shipping gateway and logistics platform for e-commerce stores and retailers; Penny, a Saudi cloud-based SaaS source-to-pay procurement solution for enterprises; and Qashio, a UAE fintech platform offering a comprehensive spend management solution for corporates.
Founded by Christos Mastoras, a former tech entrepreneur and ex-Yahoo Maktoob executive, and Omar Al-Madhi, a Saudi investment executive, Iliad Partners operates from the Abu Dhabi Global Market (ADGM) and is a strategic partner of Hub71. The firm leverages its presence in the UAE and Saudi Arabia and its global network to support startups in scaling regionally and serving as a bridge between MENA and global markets.
“The launch of our new fund marks a significant milestone in the journey of Iliad Partners,” said said Christos Mastoras, Founder & Managing Partner of Iliad Partners. “We have believed in the promising future of the regional startup ecosystem since its inception. The region is currently undergoing unprecedented transformation and growth driven by technology and innovation, establishing it as a global hub of entrepreneurship.”
