Mubadala Investment Company is investing in vehicle financing start-up Moove in a funding round valuing the company at $550mn, the latest in a series of deals the cash-rich Abu Dhabi investment group has made.
The sovereign wealth fund is leading a round that sees Moove raise $76mn in equity and debt from an investor group that includes asset management giant BlackRock.
The fund raise is a rare bright spot for a venture capital market that has tanked at a time of higher interest rates, when the appetite for fast-growing but unprofitable companies has fallen. For European firms the value of deals struck through the first half of the year plunged more than 60 per cent against the same period last year, according to PitchBook data.
Read the full story on the Financial Times here.