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The Jada Fund of Funds Company, a subsidiary of Saudi Arabia’s Public Investment Fund (PIF), has invested in UAE-based B2B venture capital fund to support small and medium enterprises (SMEs) in Saudi Arabia.
The Iliad Partners Tech Ventures Fund I, launched by Iliad Partners, has a target fund size of $50 million and seeks to finance tech businesses across the Middle East and North Africa region, with a focus on Saudi companies, according to a statement.
Jada did not disclose the value of its investment, which will go towards early-stage technology companies. Among the target investments are those that seek to digitise key sectors such as FinTech, logistics, PropTech and EdTech
The fund is led by partners Christos Mastoras, Georges Boueiz and Dalal Al-Mutlaq.
Jada has so far committed SAR3.1 billion ($826 million) in capital and deployed SAR1.1 billion, according to its website.
(Writing by Cleofe Maceda; editing by Seban Scaria)
