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Abu Dhabi's Mubadala Capital has led a $700M funding round for US-based Reef Technology - a startup that manages hubs in parking lots used for food delivery and other services. The funding round was joined by SoftBank Vision Fund, UBS AM, Oaktree, and Target Global.
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REEF transform underutilized urban spaces into neighborhood hubs that connect people to locally curated goods, services, and experiences. With an ecosystem of 4,500 locations and a team of 15,000 people, REEF is the largest operator of mobility, logistics hubs, and neighborhood kitchens in the United States, Canada, and has a growing presence in Europe. Together they aim to leverage the power of proximity to keep communities moving forward in a sustainable and thoughtful way.
Mubadala, which manages $232B in assets, is among Gulf sovereign funds plowing their oil and natural gas wealth into technology to lessen their reliance on crude and help diversify their economies. "We are excited to support the next phase of REEF’s development." - a tweet from Mubadala's Twitter account highlights.
Adib Mattar, the Head of Mubadala Capital’s Private Equity said, “Identifying entrepreneurs who create and leverage their businesses to first articulate a vision and then deliver on it is central to our investment approach. The concept of transforming infrastructure to better connect the origin of production with the destination of consumption resonated with us. REEF is strongly positioned to serve communities where they have key infrastructure, proving essential to food delivery, package delivery, grocery delivery, and healthcare.”
The fund has said over the past few years that it's looking to boost its investments in technology. It bought a stake of about 5% in Silver Lake in September and announced plans to invest $2B in a technology fund run by the private equity firm.