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  • btc = $100 272.00 - 721.65 (-0.71 %)

  • eth = $3 893.02 68.68 (1.80 %)

  • ton = $6.38 0.01 (0.12 %)

13 Jul, 2022
1 min time to read

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.