UAE-based Mubadala Investment Company (Mubadala) has planning to create a $400 million fund which will mainly invest in leading European technology companies.
The announcement was made during London Tech Week, a week-long festival of technology and innovation focused on creating new innovative investment opportunities in the UK.
Mubadala said the fund will be managed by its venture capital arm, Mubadala Ventures and SoftBank Group will participate as a strategic investor via its SIMI US Holdings I, investment subsidiary.
The fund will target founder-led, high growth technology companies with global scale and impact, said the Abu Dbai-based firm in its statement.
The fund will work closely with early-stage UK and other European funds. As part of its European strategy, Mubadala Ventures will expand its fund of funds programme and invest in both established and emerging fund managers across the continent, it added.
Unveling the plans, Waleed Al Mokarrab Al Muhairi, the Deputy Group CEO and Alternative Investments & Infrastructure CEO at Mubadala, said: "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. The launch of a $400 million fund to support the growth of pioneering entrepreneurs complements Mubadala’s global portfolio of investments across the full spectrum of the tech sector," he stated.
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