UAE-based venture capital firm Iliad Partners has announced the second closing of its $50 million Iliad Partners Tech Ventures Fund. The latest round welcomes three leading Greek banks – Eurobank, National Bank of Greece, and Piraeus Bank – as strategic LPs with significant commitments, marking their first venture capital investment in MENA and demonstrating strong confidence in Iliad’s strategic vision, with a particular focus on Saudi Arabia and the UAE.
The fund’s first closing in December 2024 was supported by prominent regional and global investors, including the Jada Fund of Funds (a subsidiary of Saudi Arabia’s Public Investment Fund), the Olayan Family, Masarrah Investment Company, MLM Investments, the Constantakopoulos Family of Greece, and other major family offices in the GCC and Europe.
Iliad Fund invests in early-stage B2B software startups driving digital transformation across fintech, logistics, and proptech, targeting Pre-Series A and Series A stages primarily in Saudi Arabia and the UAE. A portion of the Fund is also allocated to Europe, mainly Greece, to support startups expanding into MENA.
A core pillar of Iliad’s strategy is building a two-way venture bridge between MENA and Europe, with Greece as a gateway. This enables Greek startups to enter GCC markets, while providing MENA startups a path into the EU. The participation of major Greek banks enhances strategic support for the Fund’s portfolio, including equity and debt financing options, new pools of later-stage capital, access to corporate clients, expansion into European markets, fintech expertise, and potential exit opportunities.
Christos Mastoras, Founder & Managing Partner of Iliad Partners, said:
“The second closing of the Fund is a significant milestone. With commitments from leading European institutional investors alongside our regional LPs, we are doubling down on exceptional founders in MENA while building a powerful MENA-Europe venture bridge and leveraging Greece’s promising ecosystem. We are thrilled about our partnerships with the Greek banks, which provide our startups with strategic support, unlocking new corridors of innovation, capital, and talent.”
