UAE-headquartered Iliad Partners has launched a $50 million fund, which is backed by Saudi PIF’s Jada Fund of Funds, to invest in young businesses.

The Iliad Partners Tech Ventures Fund I is expected to support early-stage B2B software start-ups, particularly those in the UAE and Saudi Arabia, at the Pre-Series A and Series A stages.

The fund will be targeting businesses driving digitisation, including fintech, logistics and proptech.

Around 10% of the fund will also invest in start-ups in Europe, particularly those in Greece, that seek to enter the Middle East and North Africa (MENA) region.

“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 and Managing Partner of Iliad Partners.

The venture capital firm, which is based in Abu Dhabi Global Market (ADGM), said that its new fund is also backed by the Olayan Family, Masarrah Investment Company, MLM Investments, the Constantakopoulos Family of Greece and other major family groups and family offices in the GCC and Europe.

(Writing by Cleofe Maceda; editing by Seban Scaria) 
seban.scaria@lseg.com