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Abu Dhabi's Mubadala and SoftBank unveil European-focused VC fund

The Abu Dhabi skyline. Photo: David Davies/PA Images via Getty Images

Mubadala, an Abu Dhabi-based sovereign wealth fund, and SoftBank are announcing a new $400 million growth stage fund focused on European tech companies. Mubadala is also expanding its fund-of-funds program to include European funds.

Why it matters: Mubadala is expanding its venture capital business after setting up shop in San Francisco last October, when it unveiled its first fund in partnership with SoftBank.