Abu Dhabi Funds Invest 150M in Telegram Messaging App


Abu Dhabi state fund Mubadala Investment Co and Abu Dhabi Catalyst Partners, partowned by Mubadala, said on Tuesday they had invested a combined 150 million in messaging app Telegram.

Mubadala invested 75 million in fiveyear, preinitial public offering IPO bonds of Telegram, while Abu Dhabi Catalyst Partners invested a further 75 million.

Telegrams user base has reached a critical mass that places it amongst global tech giants, Mubadala executive Faris Sohail Faris alMazrui said in a statement.

Telegram is wellpositioned for an inflection point that will transform it into a leading global technology company.

Telegram, along with messaging app Signal, have seen an increase in users this year amid privacy concerns with larger rival Facebookowned WhatsApp.

Launched in 2013, Telegram has 500 million monthly users, according to Abu Dhabi Catalyst Partners.

Telegram, already headquartered in the United Arab Emirates, will open an office in Abu Dhabi following the new investment, Mubadala said.

Abu Dhabi Catalyst Partners is a Mubadala joint venture with U.S. investment company Falcon Edge Capital.

Mubadala, which manages more than 230 billion in assets, is UAEs secondbiggest state investor after Abu Dhabi Investment Authority.

Both have invested in technology, with Mubadala contributing 15 billion to SoftBanks 100 billion Vision Fund in 2017.

Mubadala last year bought a 1.85 stake in Reliance Industries digital unit, Jio Platforms, for 1.2 billion.

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