Iliad Partners Secures Greek Banking Power for $50M MENA-Europe VC Fund

Malaz Madani

Last updated 1-10-2025

4 min

Iliad Partners completed a second closing of its $50 million Tech Ventures Fund I.

Greece’s largest banks joined as strategic investors, marking a venture capital debut in MENA.

The fund focuses on early-stage B2B software startups in fintech, logistics, and proptech.

Greek startups benefit from Gulf expansion while MENA founders gain European market access.

New partnerships offer capital and support, strengthening pathways between Europe and MENA.

Iliad Partners, a venture capital firm based in Abu Dhabi, has sealed the second closing of its USD 50 million Iliad Partners Tech Ventures Fund I. What makes this round stand out is the entry of three of Greece’s biggest banks—Eurobank, National Bank of Greece, and Piraeus Bank—each stepping in as strategic investors. For them, this is a first foray into venture capital in the MENA region, and it’s no small thing. It signals both confidence in Iliad’s game plan and a broader appetite to build presence in Gulf markets, especially Saudi Arabia and the UAE.

The fund’s first close, back in December 2023, was already supported by heavyweight investors such as Jada Fund of Funds (linked to Saudi’s Public Investment Fund), the Olayan family, Masarrah Investment Company, MLM Investments, and Greece’s Constantakopoulos family, among others. By pooling money from such diverse regional and European sources, Iliad is clearly aiming to weave together two distinct ecosystems.

The investment focus is quite clear: early-stage, B2B software startups in sectors like fintech, logistics, and proptech, especially those at the pre-Series A and Series A stage. Most of the emphasis will remain on Saudi Arabia and the UAE, though a slice of the fund is earmarked for Europe—mainly Greece—for companies looking to expand across MENA. In effect, it’s creating a two-way bridge: Greek startups get a shot at Gulf expansion, while MENA founders can enter Europe without reinventing the wheel. Spot on, really, considering how fragmented these ecosystems can get.

One thing Iliad stresses is that Greece isn’t just another market, but a gateway—sitting at the literal and figurative crossroads of Europe and the Middle East. The new partnerships with Greek banks, then, come with “bonus perks”: not just new capital, but broader access to financing options, later-stage funds, corporate clients, and even potential exit routes, particularly in fintech. As anyone trying to scale a startup will tell you, lining up that sort of support early can save you a world of hassle later.

Christos Mastoras, Iliad’s founder and managing partner, described the second close as an “important milestone”, highlighting how European institutional commitments now stand side by side with regional backers. Konstantinos Vassiliou of Eurobank called the move a key step in connecting Greece with Gulf business hubs, while senior executives from both National Bank of Greece and Piraeus Bank echoed similar enthusiasm about supporting fintech and proptech ventures and embedding themselves more firmly in the Middle East’s fast-growing markets.

Iliad itself isn’t a newcomer here. Founded by Mastoras—a tech entrepreneur who’s already had four exits and once worked at Yahoo Maktoob—together with Omar Al-Madhi, a seasoned Saudi investment executive, the firm has from the outset played an active role in shaping the MENA venture scene. The addition of Sultan K. Olayan as partner, alongside investment professionals like Dalal AlMutlaq and Pier Armando Vender, has strengthened the team further. Based in Abu Dhabi Global Market and working in tandem with Hub71, their reach stretches across Saudi Arabia and now deeper into Europe.

From my own experience following regional startups through Arageek, it’s often these “bridge-building” plays that make all the difference. Ecosystems can get a bit insular if left on their own. And believe it or not, one of the most recurring gripes I’ve heard from founders in Dubai or Riyadh is how tricky it is to find a real pathway into Europe. With Greek capital and institutions now in the mix, that barrier suddenly looks less daunting.

I reckon it’s still early days, of course, and managing diverse investor expectations is always a bit of a faff. But if Iliad and its partners can pull it off, founders around the Gulf should be chuffed to bits. It opens up fresh corridors for talent, capital, and innovation—exactly the sort of thing that keeps a startup scene buzzing.

And yes, I’ll say it—that kind of cross-border momentum is something we’ve definately needed in MENA for a while.

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