Mubadala's venture capital unit to launch $400 mln European fund - exec (updated)

SB Technology

13/02/2019 11:41

(Adds detail, quotes)
    ABU DHABI, Feb 13 (Reuters) - Mubadala Ventures, the venture
capital arm of Abu Dhabi's state-owned Mubadala Investment
Company, plans to launch a $400 million European fund this year
to focus on the technology sector, a company executive said on
Wednesday.
    The venture capital unit is also working with international
venture capital funds to invest in Abu Dhabi, Ibrahim Ajami,
head of Mubadala Ventures, told reporters at a conference in the
emirate.
    Mubadala's venture capital arm is replicating its U.S
strategy in Europe by launching a $400 million Ventures Fund as
well as a fund of funds this year.  
    The U.S.-based Ventures Fund, announced in 2017, is 30 per
cent deployed in U.S firms in sectors such as healthcare,
fintech, cyber security and others, he said.
    Most investments are in Silicon Valley companies but
Mubadala is looking at New York companies too. 
   "We are building the same business in Europe, focused on tech
funds and companies," he told reporters.
    "We will also be working with international venture funds,
inviting them to come to Abu Dhabi to play a role here."
    Mubadala plans to create a start-up ecosystem in Abu Dhabi
and help start-ups in areas such as blockchain, healthcare, food
delivery and automotive mobility.

 (Reporting by Stanley Carvalho; Writing by Davide Barbuscia;
Editing by Jan Harvey)
 ((Davide.Barbuscia@thomsonreuters.com; +971522604297; Reuters
Messaging: davide.barbuscia.reuters.com@reuters.net))