Iliad Partners Launches $50M Fund to Support Startups in MENA
UAE-based venture capital (VC) firm Iliad Partners has announced the first phase of its $50 million fund to support startups in the Middle East and North Africa (MENA), with a focus on companies in Saudi Arabia and the UAE.
About the Fund
The fund, called Iliad Partners Tech Ventures Fund I, will invest in early-stage business-to-business (B2B) startups that focus on technology and innovation. It will target areas like financial technology (fintech), logistics, and property technology (proptech).
The fund plans to invest in startups at the Pre-Series A and Series A stages. Additionally, 10% of the fund will go to European startups, especially in Greece, that aim to expand their reach into the MENA region.
Investments So Far
The fund has already invested in several startups, including:
- OTO: A Saudi platform for shipping and e-commerce logistics.
- Penny: A Saudi cloud-based procurement software provider.
- Qashio: A UAE fintech company.
Who’s Backing the Fund
The fund is supported by several prominent investors, including:
- Jada Fund of Funds, part of Saudi Arabia’s Public Investment Fund (PIF).
- The Olayan family (Saudi Arabia).
- Masarrah Investment Company.
- MLM Investments.
- The Constantakopoulos family (Greece).
- Other investors from the Gulf Cooperation Council (GCC) and Europe.
Quote from Iliad Partners
“We’ve always believed in the bright future of startups in this region,” said Christos Mastoras, Founder and Managing Partner of Iliad Partners. “With rapid growth and innovation, the MENA region is becoming a global hub for entrepreneurship.”
Funding Trends in MENA
According to Wamda, funding for tech startups in MENA reached $258 million in November 2024, a 92% increase compared to the previous month. However, this was much lower than the $764 million raised in November 2023.
UAE startups led the way, raising $146 million through 11 deals, including major investments in Eyewa and Lean Technologies. Saudi Arabia followed, with $94 million raised by 23 startups.
Published: 11th December 2024
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