Iliad Partners Secures $50M for MENA-EU Tech Venture Bridge
Iliad Partners, a UAE-based early-stage venture-capital fund, has secured $50 million for its inaugural investment vehicle, with a significant portion allocated to Europe, particularly Greece. This marks the first-ever venture capital investment by Greek banks in the MENA region.
The fund, Iliad Partners Tech Ventures Fund I, focuses on early-stage B2B software startups driving digital transformation in target verticals like fintech, logistics, and proptech. It invests primarily at the pre-Series A and Series A stages in MENA, with a primary focus on Saudi Arabia and the UAE. Notable investors include the Olayan family, Masarrah Investment Company, and Greek banks Eurobank, National Bank of Greece, and Piraeus Bank.
The fund aims to build a two-way venture bridge between MENA and Europe, with Greece serving as a gateway. It has already invested in three regional startups—OTO, Penny, and Qashio—and has other promising companies like Trukker, OSeven, and Fetcher in its portfolio. This second close comes nine months after the first, demonstrating strong investor confidence.
With the second close of its $50 million fund, Iliad Partners continues to support early-stage tech startups in MENA while fostering ties with Europe through Greek investment. The fund's success bodes well for further cross-regional collaboration and growth in the tech sector.
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