Abu Dhabi owned Mubadala Investment Company’s venture arm has successfully completed its first investment of their US$ 400 Million European Fund into Berlin based insurtech startup WeFox.
Mubadala was the lead investor in WeFox’s series B round which raised US$ 125 Million in funding. WeFox who runs a digital marketplace said they will be using these funds to further expand into the European market and strengthen their “advanced data analytics” capabilities to deliver better personalisation to its user base.
In its previous statement, Mubadala expressed that the European Fund is also set up to facilitate European startups to establish operations in Abu Dhabi as base to target Gulf Middle East Markets. There has been no word from either party indicating an eventual base being set up in Abu Dhabi.
The US$ 400 Million fund is managed by Mubadala Ventures with SoftBank as a strategic investor, the fund was set up to target founder-led, high growth technology companies with global scale and impact.
Fintech, blockchain, insurtech is listed among the funds 5 thematic focuses. The venture is targeting to grow its tech assets to US$ 1 billion by 2021.
Image Credit: Future Investment Initiative Youtube Channel
