Iliad Partners

What Iliad Partners does

Iliad Partners is an Abu Dhabi-headquartered venture capital firm founded in 2016 by Christos Mastoras and Omar Al-Madhi — MIT Sloan classmates with prior operating roles at Yahoo/Maktoob, Booz & Company, PIF, Abdul Latif Jameel, and Saudi Aramco. Operating under FSRA authorization within ADGM as Iliad Partners Management Limited, the firm manages the $50 million Iliad Partners Tech Ventures Fund I, deploying capital at Pre-Series A and Series A stages into early-stage B2B software startups across the MENA region, with primary focus on Saudi Arabia and UAE, plus a 10% allocation to European startups (primarily Greece) seeking MENA market entry through a two-way venture bridge. Target verticals are fintech, logistics, and proptech, with an active portfolio that includes OTO (B2B logistics SaaS), Penny (procurement SaaS), Qashio (spend management), TruKKer (asset-light freight aggregation), OSeven (telematics/insurtech), and Comfi (B2B embedded finance). The firm does not build or license proprietary technology; its core capability is GP-led network orchestration across sourcing, due diligence, and post-investment value creation.

The go-to-market is network-driven rather than product-driven: deal sourcing is concentrated in direct founder relationships, Hub71, MIT alumni, MEVCA, Endeavor, OQAL, Fintech Hive (DIFC), Fintech Saudi, MISK, and Techstars referrals. Post-investment, Iliad provides hands-on operational support — business development introductions through the family-office LP base, strategic partnerships, talent acquisition, governance and finance build-out, and follow-on fundraising preparation. The investment team is lean: Christos Mastoras (Founder & Managing Partner), Omar Al-Madhi (Chairman & Co-Founding Partner), Sultan K. Olayan (GP Partner & Board Member), Dalal AlMutlaq (Partner, Riyadh), Pier Armando Vender (Principal), and Spyros Sofianos (Investment Analyst), supplemented by venture partners, IC members, a global advisory council, and a board of directors with backgrounds at Meta, Google, ByteDance, Visa, and tier-one consultancies.

Revenue follows standard VC economics — management fees on assets under management plus performance-based carried interest from successful exits. The LP base supporting the $50M fund comprises Jada Fund of Funds (a PIF subsidiary), the Olayan Family, Masarrah Investment Company, MLM Investments, the Constantakopoulos Family of Greece, and — following the September 2025 second close — Eurobank, National Bank of Greece, and Piraeus Bank in their first-ever VC investment in MENA. Office footprint spans Abu Dhabi (headquarters at Hub71, ADGM Square, Al Maryah Island), Riyadh (regional presence led by Partner Dalal AlMutlaq), and Athens (European gateway for the venture-bridge strategy).

Name

Iliad Partners

Legal name

Iliad Partners Management Limited

Website

https://iliad-partners.com

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

1–10 employees

Short description

Iliad Partners is an Abu Dhabi-based early-stage venture capital firm investing in B2B software startups across MENA, with primary focus on Saudi Arabia and UAE, and a MENA-Europe venture bridge through Greece via its $50M Tech Ventures Fund I.

Ownership category

akta.pro rank

Product category

Early-Stage Venture Capital

NAICS

Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394)

SIC

Investment Advice (6282)

akta.pro primary industry

Early-Stage Venture Capital (Series A/B) (FSANAAAB)

Keywords

• Venture capital
• Early-stage investing
• B2B software investing
• MENA startups
• Startup growth funding

Headquarters

HQ city

Dubai

HQ country

United Arab Emirates

HQ region

Middle East

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Management Fees: Standard VC fund management fees charged on assets under management to cover operational costs of the fund manager.
2. Carried Interest: Performance-based carried interest from successful fund exits, typically 20% of profits above the hurdle rate.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

Iliad Partners is an early-stage venture capital firm that manages the $50M Iliad Partners Tech Ventures Fund I, deploying Pre-Series A and Series A capital into B2B software startups across the MENA region with primary focus on Saudi Arabia and UAE and target verticals of fintech, logistics, and proptech. Alongside capital, the firm delivers hands-on portfolio support covering business development with its family-group LP base, strategic partnerships, regional expansion, governance/finance development, and follow-on fundraising. Up to 10% of the fund is reserved for European startups (primarily Greece) seeking MENA entry, operating a two-way MENA-Europe venture bridge.

Product overview

Iliad Partners is an early-stage venture capital firm that operates as a fund manager rather than a product company. The core offering is the Iliad Partners Tech Ventures Fund I LP, a $50 million VC fund investing in B2B software startups across MENA with focus on Saudi Arabia and UAE. The firm provides hands-on portfolio management services including business development, strategic partnerships, and regional expansion support. Additionally, the firm operates a MENA-Europe venture bridge initiative that invests in European startups seeking MENA entry while supporting MENA startups in expanding to Europe. The portfolio includes investments in OTO (B2B logistics SaaS), Penny (procurement SaaS), Qashio (fintech spend management), and prior investments in TruKKer (logistics aggregation), OSeven (mobility telematics), and Fetchr (last-mile logistics).

Differentiator

Problem solved

Functional benefit

Products and services

• Iliad Partners Tech Ventures Fund I $50 million early-stage venture capital fund that invests at Pre-Series A and Series A into B2B software startups across the MENA region, primarily in Saudi Arabia and UAE, with target verticals of fintech, logistics, and proptech and up to 10% allocated to European (Greek) startups seeking MENA market entry. The fund is offered to institutional and family-office limited partners.
• Portfolio Investment Management Active value-add portfolio management service for invested startups, including business development via the firm's LP family-group network, strategic partnerships, regional expansion guidance into Saudi Arabia and UAE, talent acquisition support, governance and finance function development, and preparation for subsequent fundraising rounds. Targeted at Iliad Partners' portfolio company founders.
• MENA-Europe Venture Bridge Strategic investment approach and fund allocation that enables a two-way venture bridge between MENA startups and European startups (primarily Greek) through the Iliad Partners Tech Ventures Fund I, supported by strategic LP commitments from Eurobank, National Bank of Greece, and Piraeus Bank and an Athens office. Offered to Greek and European tech founders seeking market entry into UAE and KSA.

Quantifiable outcome

• Early investor in MENA success story Trukker
• +2 more outcomes

Named customers6 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Nine partnerships are on record, tiered core and minor.

• Hub71coreStrategic or Co-development Partner · 1 November 2023Iliad Partners signed partnership agreement with Hub71, Abu Dhabi's global tech ecosystem. Became member of Hub71's investor community, offering mentorship to startups and exploring investment opportunities. Joined Hub71's selection committee for screening and evaluating new cohorts. Portfolio companies can participate in Hub71 programs.
• MIT Sloan School of ManagementcoreStrategic or Co-development Partner · 1 November 2023Founders Christos Mastoras and Omar Al-Madhi are MIT Sloan classmates. Firm leverages MIT network and connections for deal sourcing and global reach.
• EndeavorcoreStrategic or Co-development Partner · 1 November 2023Global entrepreneurship organization. Partner Dalal AlMutlaq sits on Board of Endeavor Saudi Arabia. Christos Mastoras is mentor with Endeavor UAE and Greece.
• MEVCAcoreStrategic or Co-development Partner · 1 November 2023Middle East Venture Capital Association. Christos Mastoras was Founding Board Member of MEVCA.
• Fintech Hive (DIFC)minorStrategic or Co-development Partner · 1 November 2023Part of ecosystem network for fintech deal sourcing and startup support.
• MISKminorStrategic or Co-development Partner · 1 November 2023Misk Foundation ecosystem partner for Saudi startup community engagement.
• Fintech SaudiminorStrategic or Co-development Partner · 1 November 2023Saudi fintech ecosystem partner for deal sourcing and regulatory engagement.
• OQALminorStrategic or Co-development Partner · 1 November 2023Saudi Arabia's leading angel network. Dalal AlMutlaq previously sat on Board of OQAL.
• TechstarscoreStrategic or Co-development Partner · 1 November 2023Global accelerator network. Team member Pier Armando Vender previously worked at Techstars Hub71 program.

Scale indicators4 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• B&Y Venture Partners: Riyadh- and Beirut-based early-stage VC investing in MENA B2B tech startups at Pre-Series A and Series A. Directly comparable stage, geography, and sector focus to Iliad Partners.
• Shorooq Partners: Abu Dhabi and Dubai-based early-stage VC investing in MENA fintech and digital assets. Provides mezzanine/credit facilities alongside equity, overlapping with Iliad's portfolio support model and B2B fintech focus (Qashio, Comfi).
• Beco Capital: Dubai-based early-stage VC backing MENA tech founders from seed to Series A. One of the most established MENA early-stage VCs with overlapping fintech, logistics, and B2B SaaS exposure.
• Global Ventures: Cairo and Dubai-based early-growth VC investing in MENA tech. Comparable stage, geography, and B2B focus; competitor for similar founders and LPs.
• Wamda Capital: Dubai-based early-stage VC and ecosystem platform investing across MENA in technology-enabled businesses. Strongly comparable thesis, geography, and stage.
• Nuwa Capital: MENA-focused early-stage VC investing in B2B SaaS, fintech, and digital economy startups. Highly comparable in stage, sector focus, and MENA geography.

Broad incumbents

• Sanabil Investments: PIF subsidiary making direct venture and growth investments across MENA. Led OTO's Series A alongside Iliad and operates at materially larger AUM, representing a broader institutional peer.
• STV (Saudi Technology Ventures): Riyadh-based early-to-growth VC investing in MENA tech. Larger AUM and broader mandate, making it a more established peer competing for the same B2B SaaS deals in Saudi Arabia.
• 500 Global (500 Startups): Global early-stage VC and accelerator with active MENA presence including Dubai and Egypt. Operates at far larger AUM with a broader stage and sector mandate.

Others

• Hub71: Abu Dhabi-based global tech ecosystem and accelerator. Strategic partner of Iliad Partners and a key deal-sourcing channel for the firm; represents an ecosystem enabler rather than a direct fund competitor.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights5 records

Customer concentration

• Xx.com/IliadPartners
• LinkedInlinkedin.com/company/iliad-partner
• Instagraminstagram.com/iliadpartners

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments10 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Iliad Partners