(Reuters) – Japan’s SoftBank Group has provided nearly half the cash for the new $400 million fund by Abu Dhabi’s state-owned Mubadala Investment Co that aims to back European start-ups, the Financial Times reported on Monday.

Mubadala, which is a big investor in SoftBank’s Vision Fund, will use the fund to invest between $5 million and $30 million in European start-ups, FT reported, citing people with direct knowledge of the matter.

A company executive said last week Mubadala Ventures was planning to launch a technology-focused, $400 million European fund this year.

The European venture fund, which has already made a few undisclosed investments, will be run from a new office in London, the FT said.

SoftBank did not immediately respond to a request seeking comment, while Mubadala was not immediately reachable for comment.

Source: Read Full Article