- Iliad Partners announces second closing of its USD 50M fund, bringing Greek banking giants into MENA’s early-stage venture ecosystem.
- Eurobank, National Bank of Greece, and Piraeus Bank make first MENA VC commitments, targeting opportunities in Saudi Arabia and the UAE.
- Fund doubles assets under management, accelerating plans to back B2B startups in fintech, logistics, and proptech across MENA and Europe.
Iliad Partners
UAE-based venture capital firm Iliad Partners has announced the second closing of its USD 50 million Iliad Partners Tech Ventures Fund I. The closing of the Iliad Fund features three Greek Banks; Eurobank, National Bank of Greece and Piraeus Bank.
“These new partnerships are strategic and meaningful – enabling us to provide our startups with a powerful new range of value-adding support, while unlocking new corridors of innovation, capital, and talent,” said Christos Mastoras, Founder & Managing Partner of Iliad Partners.
This marks these banks first VC investment in MENA. Moreover, this is part of their commitment to fostering innovation, and belief in the potential of GCC markets. It also aligns with their broader strategy of expanding into the region, with a focus on Saudi and the UAE.
Iliad Fund
The fund is backed by Jada Fund of Funds, a subsidiary of PIF, the Olayan Family, and Masarrah Investment Company. Additionally, it is backed from MLM Investments, Constantakopoulos Family of Greece, and other families and family offices in the GCC.
The Iliad Fund invests in early-stage B2B software startups driving digital transformation in target verticals. This includes fintech, logistics, and proptech, at the Pre-Series A and Series A stages in MENA, focusing on Saudi and the UAE. Additionally, it will allocate a portion of the Fund to Europe, primarily Greece, to support startups expanding into MENA
.Bottom line: Iliad aims to build a two-way venture bridge linking MENA and Europe, using Greece as a key entry point. The bridge supports Greek startups entering Gulf markets while giving MENA startups access to the EU and beyond.
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