Home Dubai News Mubadala to launch $400m European tech fund

Mubadala to launch $400m European tech fund

Dubai News 2018/06/15 at 12:00 AM

Mubadala Investment Company (Mubadala) of Abu Dhabi is set to launch a $400 million fund to invest in European technology companies, the firm announced during London Tech Week, a week-long festival focused on new investment opportunities in the UK.

The fund will be managed by Mubadala Ventures, the firm’s venture capital arm, and will target high growth technology companies with global impact.

SoftBank Group will also participate as a strategic investor via its SIMI US Holdings I, Inc. subsidiary.

It will work closely with early-stage UK and European funds to help establish operations in Abu Dhabi and ultimately help them target regional markets.

Waleed Al Mokarrab Al Muhairi, deputy group CEO and CEO of alternative investments and infrastructure at Mubadala, said the fund will support the growth of pioneering entrepreneurs and complement Mubadala’s global portfolio of investments.

“We believe the UK is a very strong market for future technology innovation and entrepreneurship. Tech Week reinforces both its existing technology base and the call for new investors in the UK. Mubadala’s investment approach is based on partnership and this is exemplified through the strong working relationship we have established with the SoftBank Group,” he said.

Ibrahim Ajami, Head of Mubada Ventures, said the firms sees strong potential in the European tech ecosystem.

Mubadala has the global network of large assets and relationships and a partner mindset to accelerate the development of Europe’s high-growth tech companies. This strategy builds on the foundations that we built in the US with our ventures efforts,” he said.

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Source : Arabian Business | Photo credit : Google
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