Iliad Partners Launches $50M Fund to Propel MENA Tech Startups

Iliad Partners, a venture capital firm based in the UAE, has introduced its $50 million Iliad Partners Tech Ventures Fund I. The fund is dedicated to supporting early-stage B2B software startups, particularly in the fintech, logistics, and prop-tech sectors. With a strong focus on driving digital innovation and transformation across the MENA region, it will primarily target startups in Saudi Arabia and the UAE, providing backing for those at pre-Series A and Series A stages.

In addition to its MENA focus, the fund will allocate 10% of its capital to Europe, particularly Greece, to support startups seeking to expand into the MENA market. The fund has received backing from Jada Fund of Funds, a key investor representing Saudi Arabia’s Public Investment Fund. The Iliad Fund will be based in the Abu Dhabi Global Market (ADGM).

The Iliad Partners Tech Ventures Fund I has attracted a diverse array of notable investors from both regional and international markets. Key supporters include Masarrah Investment Company, the Olayan Family, MLM Investments, and Greece’s Constantakopoulos Family. The fund has also gained the backing of prominent family offices and investment groups from the GCC and Europe, including Jada Fund of Funds, a subsidiary of Saudi Arabia’s Public Investment Fund. This extensive investor participation highlights strong confidence in the fund’s strategic vision and objectives.

The fund has already made key investments in promising startups such as OTO, a Saudi logistics platform that streamlines shipping for e-commerce businesses; Penny, a Saudi cloud-based SaaS procurement solution for enterprises; and Qashio, a UAE fintech platform providing spend management solutions for corporates. These investments align with the fund’s focus on B2B software startups within sectors driving digital transformation, such as fintech, logistics, and proptech.

Christos Mastoras, Founder and Managing Partner of Iliad Partners, emphasized the importance of strong founders in the firm’s investment strategy. He noted that all three startups share key traits that the Iliad looks for in its investments:

• Experienced founders.
• Scalable and asset-light business models.
• Products that address large market needs.

Mastoras also highlighted the critical role of clear revenue trajectories in validating the potential of these ventures.

The Iliad Partners Tech Ventures Fund I focuses on early-stage companies in the UAE and Saudi Arabia, providing financial support and strategic guidance to help these startups scale. The fund has set aside 10% of its capital for European startups, especially those in Greece, looking to expand into the MENA region. This initiative aims to support cross-border collaboration and innovation, opening new opportunities for startups to access the rapidly growing markets in MENA.

Founded in 2016 and headquartered in the Abu Dhabi Global Market (ADGM), Iliad Partners has firmly established itself as a key player in the UAE’s venture capital landscape. With a deep connection to the MENA region, the firm leverages its extensive network across Saudi Arabia and beyond to support early-stage B2B technology startups. 

Co-founded by Christos Mastoras, a tech entrepreneur with multiple successful exits, and Omar Al-Madhi, a prominent Saudi investment expert, Iliad Partners has shaped the regional startup ecosystem. The firm’s early investment in Trukker, a leading digital freight network, aims to drive innovation and support the growth of successful startups in the region.

The launch of the Iliad Partners Tech Ventures Fund I underscores the growing importance of venture capital in transforming the MENA region into a global hub for innovation and entrepreneurship. As the region experiences a surge in tech-driven entrepreneurship and innovation, Iliad Partners is strategically positioned to support the next generation of game-changing startups. By combining hands-on mentorship with financial backing, Iliad Partners is actively driving growth and regional expansion, making a significant contribution to the region’s ongoing digitization and economic diversification.