Iliad Partners Launches PIF-Backed $50M Fund for Saudi & UAE Startups
The VC fund will focus on sectors such as fintech, logistics, and proptech, targeting Pre-Series A and Series A stages.
Iliad Partners, a UAE-based venture capital firm, has launched the $50 million Iliad Partners Tech Ventures Fund I to support early-stage B2B tech startups in the MENA region, particularly in Saudi Arabia and the UAE.
The fund is backed by Jada Fund of Funds, a subsidiary of the Saudi Public Investment Fund, alongside the Olayan Family, Masarrah Investment Company, MLM Investments, the Constantakopoulos Family of Greece, and other GCC and European family offices.
The fund will focus on sectors such as fintech, logistics, and proptech, targeting Pre-Series A and Series A stages. A portion of the fund, 10%, will be dedicated to European startups - particularly from Greece - that are aiming to expand into MENA markets.
Founded by tech entrepreneur Christos Mastoras and Saudi investment executive Omar Al-Madhi, Iliad Partners has already invested in several regional startups, including OTO (a Saudi logistics platform), Penny (a Saudi enterprise SaaS solution), and Qashio (a UAE fintech platform for corporate spend management).
Operating from Abu Dhabi Global Market (ADGM) and strategically partnered with Hub71, Iliad Partners offers extensive support to startups in business development, market expansion, and governance, with established networks across the UAE and Saudi Arabia to help startups scale regionally and globally.
