UAE-based venture capital firm Iliad Partners has announced the second closing of its $50 million Iliad Partners Tech Ventures Fund I. This closing nearly doubles the fund’s Assets Under Management (AUM) and is highlighted by significant commitments from three leading Greek banks, marking their first-ever venture capital investment in the MENA region. The fund will accelerate its capital deployment into early-stage B2B software startups across Saudi Arabia and the UAE.
Greek Banking Giants Enter MENA VC Scene
The second close features strategic investments from Eurobank, National Bank of Greece, and Piraeus Bank. This move signifies a strong vote of confidence in Iliad’s strategy and a shared vision to engage with the high-growth tech ecosystems in the Gulf. For the Greek institutions, this partnership aligns with their broader strategy of expanding into MENA, with a particular focus on key markets like Saudi Arabia and the UAE.
Konstantinos Vassiliou, Deputy Chief Executive Officer of Eurobank SA, stated, “This investment reinforces our commitment to fostering innovation and plays a pivotal role in connecting emerging tech ecosystems between the business communities of Greece and the Gulf region.” Similarly, Vassilis Karamouzis, General Manager of Corporate and Investment Banking of the National Bank of Greece, noted the investment “underscores our strategic commitment to strengthen our presence in the Middle East.”
Investment Focus and Regional Strategy
The Iliad Fund targets early-stage B2B software startups at the Pre-Series A and Series A stages that are driving digital transformation in sectors such as FinTech, logistics, and PropTech. The fund’s primary geographical focus is on Saudi Arabia and the UAE. It joins an impressive roster of existing Limited Partners, including Jada Fund of Funds (a subsidiary of Saudi Arabia’s Public Investment Fund), the Olayan Family, Masarrah Investment Company, and other prominent family offices from the GCC and Europe.
A portion of the fund will also be allocated to European startups, primarily from Greece, that are looking to expand their operations into the MENA region, further solidifying the firm’s cross-continental strategy.
Building a MENA-Europe Venture Bridge
A cornerstone of Iliad’s strategy is the creation of a two-way venture bridge between MENA and Europe, positioning Greece as a strategic gateway. This initiative aims to help innovative Greek startups access the Gulf’s rapidly growing markets while providing MENA-based startups with a pathway into the European Union. The strategic involvement of Greece’s key financial institutions is set to significantly strengthen this tech corridor.
“The second closing of the Fund is a significant milestone in our journey,” said Christos Mastoras, Founder & Managing Partner of Iliad Partners. “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 accessing Greece’s promising ecosystem.”
About Iliad Partners
Founded by Christos Mastoras and Omar Al-Madhi, Iliad Partners is a UAE-based venture capital firm focused on early-stage technology companies. Headquartered in ADGM, Abu Dhabi, and a strategic partner of Hub71, the firm leverages its deep network in the UAE, Saudi Arabia, and Europe to support its portfolio companies in scaling regionally and expanding into global markets. The investment team is led by Christos Mastoras, Dalal AlMutlaq, Partner, and Pier Armando Vender, Principal.
Source: Wamda
