King & Spalding Advised Iliad Partners On Launch Of Tech Ventures Fund
King & Spalding Advised Iliad Partners On Launch Of Tech Ventures Fund
King & Spalding has advised Iliad Partners, a UAE-based early-stage venture capital firm, on the successful launch and first close of its new fund, Iliad Partners Tech Ventures Fund I. The fund is domiciled and regulated in the Abu Dhabi Global Market (ADGM) and will focus on investing in Pre-Series A and Series A stage B2B tech startups across the Middle East and North Africa (MENA) region, particularly in Saudi Arabia and the UAE. Additionally, the fund will allocate 10% of its commitments to European investments, with a special emphasis on Greece, to support startups expanding into the MENA region.
The fund targets sectors driving digital transformation and innovation, including fintech, logistics, and proptech. Initial investments have been made in regional MENA startups such as OTO, a Saudi shipping and logistics platform for e-commerce businesses; Penny, a Saudi cloud-based procurement SaaS solution; and Qashio, a UAE fintech platform offering a comprehensive spend management solution for corporates.
Iliad Partners has secured backing from several prominent investors, including Jada Fund of Funds (a PIF company), the Olayan Family, Masarrah Investment Company, MLM Investments, the Constantakopoulos Family of Greece, and other major family groups and offices across the GCC and Europe.
Founded by Christos Mastoras and Omar Al-Madhi, Iliad Partners is licensed by the Financial Services Regulatory Authority in ADGM. The firm has played a key role in the development of the MENA tech ecosystem, with a senior team comprising seasoned entrepreneurs, technology executives, and venture capital and private equity investors with extensive experience in building, investing in, and exiting businesses in the region.
The King & Spalding team advising on the fund launch included Partner James Stull and Associate Benedict Grima (Dubai), Counsel Dora Chan (Singapore), Counsel Asal Saghari and Partner Macky O’Sullivan (Dubai) on warehousing financing and acquisition matters, and Partner John Green (Washington, DC) on tax matters.
