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Home Business Abu Dhabi funds invest $150m in Telegram messaging app

Abu Dhabi funds invest $150m in Telegram messaging app

by News desk
March 24, 2021
in Business

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Dubai Abu

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

Mubadala invested $75 million in five-year, pre-initial public offering (IPO) bonds of Telegram, while Abu Dhabi Catalyst Partners invested a further $75 million.

“Telegram’s user base has reached a critical mass that places it among global tech giants,” Mubadala executive Faris Sohail Faris Al-Mazrui said in a statement.

“Telegram is well-positioned for an inflection point that will transform it into a leading global technology company.”—AN