The venture capital arm of Abu Dhabi sovereign wealth fund Mubadala is preparing to launch a $400 million European fund to focus on the technology sector as well as a fund of funds later this year.
Mubadala Ventures is essentially looking to replicate its US strategy in Europe.
The US-based Ventures Fund was launched in 2017 and currently has 30% of its capital deployed in US firms, the majority of which are based in Silicon Valley.
“We are building the same business in Europe, focused on tech funds and companies” said head of Mubadala Ventures Ibrahim Ajami at a press conference in Abu Dhabi.
In addition Mubadala is also planning to increase its investments in Abu Dhabi “working with international venture funds and inviting them to Abu Dhabi to play a role here” said Ajami.
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