UAE-based venture capital firm Iliad Partners has confirmed the second close of its $50 million Iliad Partners Tech Ventures Fund I, bringing on board Eurobank, National Bank of Greece, and Piraeus Bank as new strategic investors.
The move marks the first time Greece’s leading banks have invested in venture capital in the Middle East and North Africa (MENA), underlining growing confidence in the region’s startup ecosystem. Iliad said the fund will continue to target early-stage B2B technology companies, with Saudi Arabia and the UAE as priority markets.
Greek Banks Make First MENA VC Commitment
For Eurobank, National Bank of Greece, and Piraeus Bank, the investment signals a new phase in their international growth strategy. Until now, the three institutions have had little exposure to MENA’s venture sector. Their participation reflects recognition of the region’s rising digital economy and active early-stage funding environment.
The investment also adds a European institutional dimension to Iliad’s existing investor base, which already includes Jada Fund of Funds (Public Investment Fund subsidiary), the Olayan Family, Masarrah Investment Company, MLM Investments, and the Constantakopoulos Family of Greece.
Focus of the Fund
Iliad Partners Tech Ventures Fund I, launched in late 2024, is structured to back Pre-Series A and Series A startups. Its focus spans fintech, logistics, proptech, and other B2B digital platforms driving regional transformation.
The firm’s portfolio already includes companies such as TruKKer, Penny, OTO, Qashio, and OSeven, all aligned with its strategy to digitize traditional industries and connect MENA with global markets.
Founder and Managing Partner Christos Mastoras said the second close strengthens Iliad’s ability to bridge ecosystems:
“With commitments from leading European institutions alongside our regional LPs, we are doubling down on exceptional founders in MENA while creating new corridors of capital and innovation between the Gulf and Europe.”
Strategic Value Beyond Capital
Iliad highlighted that the involvement of the three Greek banks is not only financial but also strategic. Their networks are expected to create pathways for:
- Later-stage financing options for scaling startups.
- Corporate partnerships in financial services and beyond.
- Expansion opportunities for MENA startups entering Europe.
This aligns with Iliad’s positioning as a venture bridge: helping Gulf-based founders access international markets, while supporting European startups that see the Gulf as a launchpad for growth.
Growing Ties Between MENA and Europe
The announcement reflects a wider pattern of cross-regional investment flows. Over the past five years, Gulf sovereign funds and family offices have increased allocations to Europe, while European institutions have begun to look more seriously at MENA as a growth market.
Saudi Arabia and the UAE continue to lead MENA in venture funding volumes, policy reform, and digital transformation programs. Iliad’s focus on these two markets underscores its thesis that they will produce the next generation of globally relevant startups.
Industry analysts say the participation of European banks validates this outlook. It could also influence other European investors to consider the Gulf, particularly in sectors such as fintech regulation, cross-border payments, digital logistics, and proptech solutions.
About Iliad Partners
Founded in 2016, Iliad Partners is headquartered in Abu Dhabi’s ADGM and is part of the Hub71 community. The firm was co-founded by Christos Mastoras and Omar Al-Madhi, and is backed by a team with backgrounds in venture capital, entrepreneurship, and technology operations.
The firm invests primarily in MENA-based founders at early stages, while selectively supporting European startups expanding into the Gulf. Its investment approach emphasizes hands-on portfolio support, regional scaling strategies, and cross-border connectivity.
What This Means for Startups and Investors
- For MENA startups: Access to European financial networks and potential for smoother entry into EU markets.
- For European startups: A channel to Gulf investors and faster integration into high-growth economies.
- For investors: A signal that institutional European capital is ready to participate in MENA’s venture story, beyond sovereign wealth funds and family offices.
What You Need to Know
Iliad Partners announced the second close of its $50m fund.
Eurobank, National Bank of Greece, and Piraeus Bank – their first venture capital commitments in MENA.
Strengthens venture ties between Europe and MENA, with Saudi Arabia and the UAE as priority markets.
Jada Fund of Funds, Olayan Family, Masarrah Investment, MLM Investments, Constantakopoulos Family.
Early-stage B2B startups in fintech, logistics, and proptech.
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Source: Digital Digest
Last Updated on October 2, 2025 by Safiya K
