UAE-based venture capital firm Iliad Partners has closed the second round of its US$50 million fund, adding Eurobank, National Bank of Greece, and Piraeus Bank as strategic partners.

This is the first time Greek banks have invested in a venture capital fund in the Middle East and North Africa.

The fund’s first close in December 2024 attracted backers from Saudi Arabia, the GCC, and Europe, including Jada Fund of Funds, the Olayan Family, and others.

Iliad Partners targets early-stage B2B software startups in fintech, logistics, and proptech, mainly in Saudi Arabia and the UAE, with some capital allocated to Greece.

The firm aims to link MENA and European tech ecosystems, positioning Greece as a hub for cross-regional expansion.

🔗 Source: Zawya