Mubadala Funding Firm and Abu Dhabi Catalyst Companions make investments $150 million in Telegram, a social media platform, in 5-year pre-IPO convertible bonds.
Each of those UAE corporations will make investments $75 million in Telegram in precisely the identical quantity.
The social media app is likely one of the high ten most downloaded purposes on this planet, with over 500 million month-to-month lively customers.
After WhatsApp up to date its privateness coverage, Telegram gained quite a lot of traction.
Many customers switched to different messaging apps, with Telegram being one of the widespread.
“We’re honored by the $150 million funding into Telegram from Mubadala and Abu Dubai Catalyst Companions,” stated Pavel Durov, Telegram’s founder and CEO.
We’re excited to additional broaden this strategic partnership with the intention to proceed our enlargement within the MENA area and globally.”
The strategic relationship between the 2 UAE funding companies and the messaging app is predicted to broaden Abu Dhabi’s ecosystem of artistic and tech-enabled companies and foster new collaboration alternatives.
Telegram was created by Russian brothers Pavel and Nikolai Durov in 2013 as a secure messaging app.
Faris Sohail Faris Al Mazrui, Head of Mubadala’s Russia and CIS Funding Program, stated, “We consider Telegram is well-positioned for an inflection level that may flip it into a number one world expertise agency.”
“The enterprise represents a really fascinating funding alternative for Mubadala, and it’ll match nicely into our bigger portfolio of pioneering corporations aiming to vary their respective industries,” says Mubadala.
The corporate’s regional headquarters will likely be within the UAE following the funding.
