On Thursday, it was announced that state-owned Mubadala Investment Co. and its joint venture investment fund Abu Dhabi Catalyst Partners invested a joint $150 million in the messaging app Telegram. According to the transaction details, Mubadala funded $75 million in pre-initial public offering (IPO) bonds of the app, while Abu Dhabi Catalyst Partners placed another $75 million.
Speaking regarding the latest investment, Mubadala executive Faris Sohail Faris al-Mazrui stated that the app has a wide range of user bases, helping the company find a place amongst global tech firms. It is believed that Telegram will be able to transform itself into a prominent global technology company, he added.
It is known that the app currently has over 500 million monthly active users. Telegram already has a headquarter in the United Arab Emirates. According to the statement, the company also would open a new office in Abu Dhabi, following this investment.
Mubadala, which operates over $230 billion in assets, is the second biggest state-owned investment fund of the United Arab Emirates, after the Abu Dhabi Investment Authority. The fund has drawn attention with its large-budget investments in strategic sectors on a global scale.