Iliad Partners Secures Greek Bank Backing for $50M MENA-EU Tech Fund
Iliad Partners, a UAE-based venture capital fund, has successfully secured significant commitments from Greek institutions, including Eurobank, National Bank of Greece, and Piraeus Bank, for its $50 million-target inaugural investment vehicle. This marks the first-ever VC investment by Greek banks in the MENA region.
Founded in 2016 by Christos Mastoras, Iliad Partners focuses on highly scalable, post-revenue technology companies. The fund invests in early-stage B2B software startups driving digital transformation in target verticals such as fintech, logistics, and proptech. It has already invested in three regional startups: OTO, Penny, and Qashio, and has other portfolio companies including Trukker, OSeven, and Fetcher.
Iliad Partners, based in the UAE, primarily focuses on Saudi Arabia and the UAE, with a portion allocated to Europe, particularly Greece. The fund aims to create a two-way venture bridge between MENA and Europe, with Greece as a gateway. Partnerships with Greek banks offer portfolio companies additional financing options, market access, and exit opportunities.
With the second close of its $50 million-target fund, Iliad Partners has secured commitments from prominent Greek institutions. This investment, the first of its kind by Greek banks in the MENA region, signals growing interest in the Middle East's tech sector. The fund continues to invest in early-stage B2B software startups, fostering digital transformation and creating bridges between MENA and Europe.
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