SoftBank invests in Mubadala's new US$400 million European tech fund - FT

SoftBank invests in Mubadala's new US$400 million European tech fund - FT

Japan's SoftBank Group has provided nearly half the cash for the new US$400 million fund by Abu Dhabi's state-owned Mubadala Investment Co that aims to back European start-ups, the Financial Times reported on Monday.

FILE PHOTO - The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo
FILE PHOTO - The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. REUTERS/Issei Kato/File Photo

REUTERS: Japan's SoftBank Group has provided nearly half the cash for the new US$400 million fund by Abu Dhabi's state-owned Mubadala Investment Co that aims to back European start-ups, the Financial Times reported on Monday.

Mubadala, which is a big investor in SoftBank's Vision Fund, will use the fund to invest between US$5 million and US$30 million in European start-ups, FT reported, citing people with direct knowledge of the matter.

A company executive said last week Mubadala Ventures was planning to launch a technology-focused, US$400 million European fund this year.

The European venture fund, which has already made a few undisclosed investments, will be run from a new office in London, the FT said.

SoftBank did not immediately respond to a request seeking comment, while Mubadala was not immediately reachable for comment.

(Reporting by Ishita Chigilli Palli in Bengaluru; Editing by Gopakumar Warrier)

Source: Reuters

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