UAE - Mubasher: UAE-based venture capital firm Iliad Partners announced the second closing of its $50 million Iliad Partners Tech Ventures Fund I, featuring Eurobank, National Bank of Greece, and Piraeus Bank.
This marks the first VC investment in MENA by the three Greek banks and reflects a shared strategic vision to engage with high-growth ecosystems in Saudi Arabia and the UAE, according to a press release.
The Fund, which announced its first closing in December 2024, is backed by prominent regional and global investors, including PIF-owned Jada Fund of Funds, the Olayan Family, Masarrah Investment Company, MLM Investments, the Constantakopoulos Family of Greece, and other major family groups and family offices in the GCC, particularly Saudi Arabia, and Europe.
It will allocate a portion of the Fund to Europe, primarily Greece, to support startups expanding into MENA.
Christos Mastoras, Founder and Managing Partner of Iliad Partners, said: “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.”
“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,” he added.
Headquartered in ADGM and a strategic partner of Hub71, Iliad Partners leverages its long presence in the UAE and deep network in Saudi Arabia, and European reach to support startups to scale regionally while serving as a gateway between MENA and global markets.
