Iliad Partners, a UAE-based venture capital firm, has announced the first close of its new investment fund dedicated to supporting early-stage tech startups. The fund, targeting a total investment size of $50 million, aims to foster digital innovation and entrepreneurship across the Middle East and North Africa (MENA) region, with a particular focus on Saudi Arabia and the UAE.
Backed by Leading Investors
The fund is supported by a distinguished group of regional and global investors, including:
- Jada Fund of Funds, a subsidiary of Saudi Arabia’s Public Investment Fund.
- The Olayan family.
- Masarrah Investment.
- MLM Investments.
- The Constantakopoulos family from Greece.
Fund Objectives and Investment Vision
The fund focuses on investing in B2B tech startups across key sectors, such as:
- FinTech (financial technology).
- Logistics.
- PropTech (property technology).
Additionally, 10% of the fund’s capital is allocated to supporting European startups, particularly in Greece, helping them expand into MENA markets.
Early Leading Investments
Iliad Partners has already initiated its investment activities, supporting several regional startups, including:
- OTO: A Saudi integrated logistics solutions platform.
- Penny: A Saudi cloud-based procurement management software covering the full supply-to-pay cycle.
- Qashio: A UAE-based FinTech platform specializing in corporate expense management.
Experienced Leadership Team
Iliad Partners was founded by:
- Christos Mastoras, a former tech entrepreneur with four startups and a previous consultant at Booz & Co.
- Omar bin Hamad Al-Madhi, a prominent leader in Saudi investment.
- Sultan bin Khalid Al-Olayan, who later joined as a partner.
The executive team includes seasoned professionals in startup building and growth, such as George Bouis, Dalal Al-Mutlaq, and Pierre Armando Fender.
Global Presence and Strategic Partnerships
Headquartered in Abu Dhabi Global Market (ADGM), a leading international financial center, Iliad Partners enjoys a strategic position to support startups’ regional and international expansion. The firm is also a strategic partner of the Hub71 tech ecosystem in Abu Dhabi.
Leadership Statements
Christos Mastoras, Founder and Managing Partner, stated:
“This fund marks a significant step in enhancing innovation and entrepreneurship in the region. We believe the ongoing tech transformation will place the MENA region at the forefront of global markets. Our goal is to collaborate with founders to build impactful companies that truly innovate.”
Importance of the Fund
With strong backing from prominent investors and strategic partnerships with startups, Iliad Partners’ fund represents a critical opportunity to develop the startup ecosystem in MENA and elevate the region as a global hub for tech innovation and entrepreneurship.
