Mubadala to launch US$400mn European tech fund

mubadala 18UAE-based Mubadala Investment Company has announced plans to create a US$400mn fund to invest in leading European technology companies

The fund will be managed by Mubadala Ventures, the venture capital arm of Mubadala. SoftBank Group will participate as a strategic investor via its SIMI US Holdings I, Inc. investment subsidiary.

Announced at London Tech Week, the fund is set to work closely with the 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.

Through the European fund of funds and direct fund strategy, Mubadala Ventures is also expected to facilitate the process for European tech companies to establish operations in Abu Dhabi to target the Gulf and Middle East markets.

Waleed Al Mokarrab Al Muhairi, deputy group CEO and CEO of alternative investments and infrastructure at Mubadala, said, “The launch of a US$400mn fund to support the growth of pioneering entrepreneurs complements Mubadala’s global portfolio of investments across the full spectrum of the tech sector.”

“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,” Al Muhairi noted.

Commenting on the announcement, Ron Fisher, director and vice-chairman of SoftBank Group, said, “The UK and Europe have some of the world’s most exciting startups and we would like to see more companies accelerate through the startup stage to achieve sustained growth at a global level.”

Mubadala Ventures, which has an office in San Francisco, the USA, also oversees and manages Mubadala’s US$15bn commitment to the SoftBank Vision Fund, Mubadala Ventures Fund 1 – a US-focused early stage venture fund, and a fund of funds programme that includes Data Collective, 8VC, Foundry Group and Upfront Ventures as a part of its funds portfolio.

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