Mubadala would use the fund to invest between USD 5 million and USD 30 million in European technology startups

Japans conglomerate SoftBank Group has reportedly announced to have invested nearly half the amount for the recently launched USD 400 million technology fund by United Arab Emirates state-owned Mubadala Investment Company. As per trusted sources, the technology fund was unveiled last year by Mubadala Investment Company with an objective to back European startups.

Reportedly, the European venture fund would be operated from a new office in London. People with knowledge of the matter claim that the technology fund has already made a few undisclosed investments. A big investor in SoftBank’s Vision Fund, Mubadala Investment Company would utilize the fund to invest between USD 5 million and USD 30 million in European startups.

The launch of the European tech fund was made by Mubadala at London Tech Week last year. It was stated that Mubadala Ventures, the venture capital arm of Mubadala Investment Company, would manage the tech fund. Reportedly, Mubadala Ventures would also facilitate the process for European tech firms to build operations in Abu Dhabi to target the Middle East and Gulf markets.

Since its inception, SoftBank Group has participated as a strategic investor in the tech fund through its investment subsidiary, SIMI US Holdings I, Inc. The venture firm had released a statement during the launch which had noted that the fund would work closely with early-stage UK and other European funds. The firm would enlarge its fund of funds program as part of its European strategy and would invest in both emerging and established fund managers throughout the continent.

According to a report published by Channel NewsAsia, Mubadala was not immediately reachable for comment, while SoftBank did not respond to a request seeking comment.