Abu Dhabi state fund Mubadala Investment Co and Abu Dhabi Catalyst Partners, part-owned by Mubadala, stated on Tuesday that they had invested a mixed $150 million in messaging app Telegram.
Mubadala invested $75 million in five-year, pre-initial public providing (IPO) bonds of Telegram, whereas Abu Dhabi Catalyst Partners invested an additional $75 million.
“Telegram`s user base has reached a critical mass that places it amongst global tech giants,” Mubadala government Faris Sohail Faris al-Mazrui stated in a press release.
“Telegram is well-positioned for an inflection point that will transform it into a leading global technology company.”
Telegram, together with messaging app Signal, have seen a rise in customers this 12 months amid privateness considerations with bigger rival Facebook-owned WhatsApp.
Launched in 2013, Telegram has 500 million month-to-month customers, based on Abu Dhabi Catalyst Partners.
Telegram, already headquartered within the United Arab Emirates, will open an workplace in Abu Dhabi following the brand new investment, Mubadala stated.
Abu Dhabi Catalyst Partners is a Mubadala three way partnership with US investment firm Falcon Edge Capital.
Mubadala, which manages greater than $230 billion in belongings, is UAE`s second-biggest state investor after Abu Dhabi Investment Authority.
Both have invested in know-how, with Mubadala contributing $15 billion to SoftBank`s $100 billion Vision Fund in 2017.
Mubadala final 12 months purchased a 1.85% stake in Reliance Industries` digital unit, Jio Platforms, for $1.2 billion.
