UAE-based venture capital firm Iliad Partners has announced the second closing of its $50 million Iliad Partners Tech Ventures Fund I. The round brings three leading Greek banks—Eurobank, National Bank of Greece, and Piraeus Bank—on board as strategic investors, marking their first venture capital investment in the Middle East and North Africa.
This milestone nearly doubles the fund’s assets under management and strengthens Iliad’s position as a bridge between the MENA region and Europe.
A Strategic Move by Greek Banks
The participation of Greece’s largest banks signals a shared vision of fostering cross-border innovation. It also reflects their commitment to Saudi Arabia and the UAE, two of the region’s fastest-growing technology hubs.
Through these partnerships, Iliad Partners can now provide portfolio companies with:
- Access to equity and debt financing options
- Connections to large corporate clients
- Expansion pathways into European markets
- Deep expertise in financial services and industry know-how
- Later-stage capital and exit opportunities, particularly in fintech
Strong Backing from Regional and Global Investors
The fund had its first closing in December 2024 with commitments from a wide network of investors, including:
- 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
- Several prominent family offices across the GCC and Europe
This diverse investor base highlights strong confidence in the region’s startup ecosystem.
Focused Investment Strategy
The Iliad Fund invests in early-stage B2B software startups in high-impact sectors. These include:
- Fintech
- Logistics
- Proptech
The fund targets companies at the Pre-Series A and Series A stages, with a primary focus on Saudi Arabia and the UAE. A portion will also be deployed in Europe, particularly Greece, to support startups aiming to expand into the MENA region.
Building a Venture Bridge Between MENA and Europe
A key pillar of Iliad’s strategy is to create a two-way venture bridge. This means enabling:
- Greek startups to access Gulf markets for scale and growth
- MENA startups to expand into the EU through Greece
The entry of Greece’s largest financial institutions strengthens this vision, positioning Iliad as a gateway for cross-regional innovation, capital, and talent.
Leadership and Vision
Founded by Christos Mastoras and Omar Al-Madhi, both MIT Sloan alumni, Iliad Partners has long been active in shaping the MENA startup landscape. The firm is headquartered in Abu Dhabi Global Market (ADGM) and is a strategic partner of Hub71. Its leadership team combines decades of experience in venture capital, entrepreneurship, and investment banking.
Mastoras described the second closing as “a significant milestone” and emphasized the importance of cross-regional partnerships in scaling innovative companies.
Conclusion
The second closing of Iliad Partners’ $50 million fund reinforces the growing integration between Europe and the Middle East’s innovation ecosystems. With strong institutional backing, a clear strategy, and a cross-border vision, Iliad is set to accelerate the growth of the next generation of technology companies in Saudi Arabia, the UAE, and beyond.