Abu Dhabi's Mubadala Invests in Tech
Abu Dhabi's Mubadala Invests in Tech

Abu Dhabi's Mubadala Invests in Tech

13 july, 20221 minute to read
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Mubadala Investment Co., Abu Dhabi's sovereign wealth fund, enters the IT investment game while other investors turn away from what they see as risky and potentially overpriced assets.

The $284 billion state-owned fund seems to be ignoring the latest developments in the market and puts a premium on the IT sector. Mubadala led the latest funding round for German insurance-technology firm Wefox, which raised $400 million at a valuation of $4.5 billion this month. The fund also came in as a new investor in the $800 million raise by Klarna, the buy-now-pay-later giant, that saw its valuation plunge to $6.7 billion from the $45.6 billion achieved last year.

Furthermore, in March, Mubadala led an $768 million funding round for Turkish grocery delivery app Getir at a valuation of $11.8 billion. The fund also participated in a $300 million raise for payments business SpotOn, which valued the company at about $3.6 billion. It also led a $100 million round for Swedish fintech firm Juni last month.

Mubadala is committing its capital at a time its owner, the Abu Dhabi government, benefits from a surge in oil prices.

As a long-term investor, Mubadala continues to deploy capital opportunistically across a range of key sectors,

a spokesperson for the fund told Bloomberg.

13 july, 2022
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