The $50 million Iliad Partners Tech Ventures Fund I has been launched and closed for the first time, according to a statement from the UAE-based venture capital firm Iliad Partners.
With a primary focus on Saudi Arabia and the United Arab Emirates, the Iliad Fund will invest in Pre-Series A and Series A stage B2B software startups that are driving innovation and digitization in target verticals such as fintech, logistics, and proptech in MENA. Additionally, 10% of the fund will go to Europe, primarily Greece, to assist startups growing in the MENA region.
Prominent local and international investors support the fund, including the Olayan Family, Masarrah Investment Company, MLM Investments, the Jada Fund of Funds (a division of the Public Investment Fund, Saudi Arabia’s sovereign wealth fund), the Constantakopoulos Family of Greece, and other significant family offices and groups in the GCC and Europe.
The first investments made by the Iliad Fund are in Qashio, a UAE fintech platform that offers a complete spend management solution for corporations, Penny, a Saudi cloud-based SaaS source-to-pay procurement solution for businesses, and OTO, a Saudi shipping gateway and logistics platform for e-commerce stores and retailers.
Christos Mastoras, a former tech entrepreneur with four exits, a former executive at Yahoo Maktoob, and Omar Al-Madhi, a Saudi investment executive, founded Iliad Partners. The two were classmates at MIT Sloan, and Sultan K. Olayan later joined the GP as a partner. Iliad Partners was a pioneer in the MENA ecosystem’s development and an early investor in Trukker, a MENA success story.
Iliad Partners, a strategic partner of Hub71 with a long history in the United Arab Emirates, is headquartered in ADGM, a prominent international financial hub, in Abu Dhabi. The company is well-positioned to assist startups in scaling regionally while acting as a bridge between MENA and international markets thanks to its global reach and network in Saudi Arabia, the largest market in the region.
With an active, hands-on approach to business development, partnerships with its LP base, Saudi market entry, and regional expansion, Iliad Partners assists founders in strengthening their finance and governance capabilities. As seasoned investors, business owners, and operators, Georges Boueiz, Dalal AlMutlaq, and Pier Armando Vender have a history of investing in, developing, and selling MENA companies.
“The launch of our new fund marks a significant milestone in the journey 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. We are excited to partner with founders to build together great companies and the next generation of MENA success stories,” said Christos Mastoras, Founder & Managing Partner of Iliad Partners.
