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Abu Dhabi-based Mubadala Investment Company announced on Wednesday that it is raising a $400 million fund to invest in leading tech companies based in Europe.

The fund will be administered by the company’s venture capital wing, Mubadala Ventures. Along with SoftBank Group, which will take part in this endeavour as a strategic investor. Mubadala will primarily target high-growth, founder-led technology firms with a formidable global presence. As for SoftBank, it will be a part of this new venture via the group’s subsidiary SIMIUS Holdings.

Mubadala announced at the ongoing London Tech Week, an event dedicated to innovation and technology. Among other things, the week-long festival also focuses on persuading investors from all around the world about promising future prospects of the country’s fast-growing tech industry. The company is planning on expanding its fund of funds program to invest in fund managers across Europe.

“The launch of a $400 million fund to support the growth of pioneering entrepreneurs complements Mubadala’s global portfolio of investments across the full spectrum of the tech sector,” said Waleed Al Mokarrab Al Muhairi, Deputy Group CEO and CEO of Alternative Investments & Infrastructure at Mubadala.

Mubadala also aims to leverage its direct fund strategy along with the so-called fund of funds to enable Euro tech firms to expand to the Middle East by setting up operations in Abu Dhabi.