Source: Zawya

AbuDhabi's Mubadala Investment Company has led a $700 million funding round for Reef Technology, a US-based mobility, logistics and neighborhood hub operator.

The emirate's strategic investment arm was joined by SoftBank Vision Fund, Oaktree, UBS and Target Global, the company said on Twitter.

"We are pleased to announce that we have led a $700 million funding round for Reef Technology, a tech platform transforming underutilized urban spaces into neighborhood hubs, connecting people to local goods, services and experiences. We were joined by SoftBank Vision Fund, Oaktree , UBS AM and Target GlobalVC and are excited to support the next phase of REEF’s development," Mubadala tweeted.

Reef Technology transforms underutilized urban spaces into neighborhood hubs that connect people to locally curated goods, services, and experiences, the company said on its website. Reef is the largest operator of mobility, logistics hubs, and neighborhood kitchens in the US, Canada, and has a growing presence in Europe.

"The money will be used to scale from its roughly 4,800 locations to 10,000 new locations around the country and to transform the parking lots into “neighborhood hubs,” TechCrunch quoted Ari Ojalvo, the company’s co-founder and chief executive, as saying.

Mubadala, manages $232 billion in assets and focuses on sectors such as medical technology, agricultural technology, artificial intelligence and life sciences.

Earlier this week, the state fund took a stake in a local artificial intelligence company, Group 42 (G42), after transferring ownership of two IT companies it owns to the firm.