Abu Dhabi - Sharikat Mubasher: Iliad Partners, a leading venture capital (VC) firm based in the UAE, announced the second closing of its $50 million Iliad Partners Tech Ventures Fund I, in partnership with three leading Greek banks: Eurobank, National Bank of Greece, and Piraeus Bank.

This partnership will allow Iliad Partners to offer its portfolio companies wide-ranging support, including additional options for equity and debt financing, new pools of later-stage capital, access to large corporate clients, support in entering new markets, and geographic expansion in Europe, the company announced in a statement today.

The Iliad Fund, which announced its first closing in December 2024, invests in early-stage B2B software MENA-based startups driving digital transformation in target sectors, including fintech, logistics, and proptech, at the Pre-Series A and Series A stages, with a primary focus on Saudi Arabia and the UAE.

Christos Mastoras, Founder and Managing Partner of Iliad Partners, stated that the second closing of the fund marks a significant milestone in the company’s journey. “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 said.

The involvement of Greece’s key financial institutions strengthens Iliad Partners’ position as a strategic tech gateway between Europe and the Gulf, with Greece at the crossroads.

Moreover, the fund will offer startups deep industry know-how and expertise in financial services, and potential exit opportunities, particularly for fintech.