Mubadala’s new $400 Million European Tech fund raises money by SoftBank
SoftBank Group has provided half of the cash for Abu Dhabi’s state investor Mubadala.
Mubadala who is a big investor in SoftBank will be using $5 Million and $30 Million in European startups.
Mubadala has committed to invest $15Billion in SoftBank’s Vision Fund.
The SoftBank Vision Fund has raised $93Billion till now from investors including Saudi Arabia’s Public Investment.
SoftBank Vision fund has invested $390 millionin British fintech company OakNorth and $940 million in U.S. tech start-up Nuro last month.
Japan’s investment conglomerate SoftBank Group has provided approximately half of the cash for Abu Dhabi’s state investor Mubadala investment’s new $400 million fund investing in European startups, a source aware of the matter said. Mubadala who is a big investor in SoftBank will be using $5 Million and $30 Million in European startups.
According to a story published on Financial times on previous Monday, Mubadala was planning to launch a $400 million technology-focused European fund this year and has committed to invest $15 Billion in SoftBank’s Vision Fund but Mubadala and SoftBank declined to comment on this news.
The European venture Fund who has already made some of the undisclosed investments and will come into action in spring from a new office in London. Mubadala already owns a U.S.-venture fund based in San Francisco.
The SoftBank Vision Fund, functioned by SoftBank Group has raised $93 Billion till now from investors including Saudi Arabia’s Public Investment Fund, Qualcomm, Apple, Foxconn, Abu Dhabi investor, SoftBank Group Corp., and Sharp Corp.
Mubadla Investment, Abu Dhabi manages a $225 billion portfolio. Mubadala made an announcement in June that it would build a $400 million fund to invest in European startups. He told that SoftBank will contribute as a strategic investor but didn’t disclose the amount it would contribute.
Mubadala and SoftBank are in connection with each other since 2017 when with Mubadala invested $15 billion in SoftBank’s Vision Fund. At the moment, Mubadala’s CEO Khaldoon Khalifa Al Mubarak told in a press release that the investment would assist the firm’s strategy as a long-term global investor.
SoftBank Vision fund has an innovative record of making large scale payments. Previous month it invested $390 million in British fintech company OakNorth and $940 million in U.S. tech start-up Nuro.
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