Abu Dhabi’s wealth fund invests in SoftBank-backed tech start-up

Abu Dhabi’s wealth fund invests in SoftBank-backed tech start-up

Mubadala Investment Company leads $700 million funding round for Reef Technology

Mubadala Investment Company has led a $700 million funding round for a technology start-up backed by SoftBank Group Corp, as the Abu Dhabi wealth fund diversifies its portfolio away from oil.

The fund said it invested in Reef Technology, a start-up that manages hubs in parking lots used for food delivery and other services such as Covid-19 testing. It was joined by SoftBank Vision Fund, Oaktree, UBS and Target Global, Mubadala said on Twitter.

Miami-based Reef was exploring a capital raise to fund its expansion, people familiar with the matter told Bloomberg earlier this month. The firm was valued at $1 billion when SoftBank acquired a stake in 2018.

Mubadala, which manages $232bn in assets, is among Gulf sovereign funds ploughing their oil and natural