UAE - Mubasher: Abu Dhabi's Mubadala Investment Company has led a $700 million funding round for Reef Technology, a US-based technology startup transforming underutilised urban spaces into neighborhood hubs to connect people to local goods and services.
Aiming to support Reef's development, the funding round was joined by SoftBank Vision Fund, Oaktree, UBS Asset Management, and Target Global, Mubadala announced on its official Twitter account.
Reef has sought to raise capital to fund its expansion, sources told Bloomberg earlier this month.
The firm was valued at $1 billion when SoftBank acquired a stake in 2018.
It is noteworthy to mention that on 2 November 2020, Mubadala announced that it will acquire a stake in Abu Dhabi-based Group42 (G42), an artificial intelligence (AI) and cloud computing company, by integrating Injazat and Khazna Data Centers (Khazna) in the business activities of G42.
