Abu Dhabi’s wealth fund invests in SoftBank-backed tech startup
- Date: 05-Nov-2020
- Source: Gulf Business
- Sector:Financial Markets
- Country:UAE
Abu Dhabi’s wealth fund invests in SoftBank-backed tech startup
Mubadala Investment Co. led a $700m funding round for a technology startup backed by SoftBank Group Corp., as the Abu Dhabi wealth fund diversifies its portfolio away from oil.
The fund said on Wednesday it invested in Reef Technology, a startup 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 AM 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 $1bn when SoftBank acquired a stake in 2018.
Mubadala, which manages $232bn in assets, is among Gulf sovereign funds plowing their oil and natural gas wealth into technology to lessen their
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