Tuesday, March 23, 2021 – 12:42 PM
Telegram opens an office in the Abu Dhabi Global Market as a starting point for its global growth journey.
ABU DHABI, 23rd March, 2018 (WAM) – Mubadala Investment Company, “Mubadala”, announced that it has invested $ 75 million in “Telegram”, the operator of the popular social media platform based on protecting users’ privacy and digital security.
The investment will be in the form of bonds convertible into shares for a period of 5 years prior to the planned IPO, in cooperation with the Abu Dhabi Catalyst Partners Fund, which will also invest $ 75 million in the platform.
This strategic partnership is expected to create new opportunities for cooperation and thus support and strengthen the integrated system of innovation and technology companies in Abu Dhabi.
Telegram was launched in 2013 by brothers Pavel and Nikolai Dorov, as a secure messaging app that uses end-to-end encryption. The application has evolved since its launch to become today an integrated global social media platform headquartered in the UAE, and has become one of the ten most downloaded applications in the world with more than 500 million monthly active users.
Faris Suhail Al Mazrouei, Head of Mubadala’s Investment Program in Russia and the Commonwealth of Independent States, said: “We value Pavel’s vision for the company and the hard work of his team to build an innovative product and an exceptional company. Taking it, Pavel succeeded in enhancing the popularity and success of the Telegram application to grow its user base significantly, making it a strong competitor to the global technology giants.
He added, “We are confident that Telegram today has all the capabilities that will make it one of the leading global technology companies. The company represents a promising investment opportunity for Mubadala and will be an ideal addition to our portfolio of leading companies that aim to achieve a quantum leap in its sectors. Our investment in Telegram lays a foundation. Building on a strategic partnership that will support our efforts to strengthen the technology ecosystem in Abu Dhabi as well as attract advanced levels of talent and technological skills to the capital. ”
Pavel Durov, founder and CEO of Telegram, said: “We are honored that Mubadala and Abu Dhabi Catalyst Partners have invested $ 150 million in Telegram bonds. We look forward to developing this strategic partnership to continue our growth path in the MENA region and the world.” .
For his part, James Mons, Chief Financial Officer and Chief Operating Officer at Abu Dhabi Catalyst Partners, said: “Over the past seven years, the number of users of the Telegram application has increased to 500 million monthly active users, which is a huge leap that reflects the efforts of the management team, their hard work and their determination to build A platform centered around maintaining privacy and security and enhancing the user experience. These features provide a solid basis for realizing strong value and will become a major focus of social media platforms and pave the way for a new era in the world of instant messaging.
He added, “The Abu Dhabi Catalyst Partners Fund aims to build fruitful partnerships with promising companies that have strong growth prospects in the world and possess the necessary capabilities to enhance the growing technology system in Abu Dhabi and the Abu Dhabi Global Market. Leading the promising technological platforms in various sectors. This is what we are looking forward to achieving with Telegram, in which we see an attractive investment opportunity. ”
It is worth noting that Mubadala has intensified its efforts in recent years to increase focus on the technology sector through a strategy based on direct investment and through investment funds, to cover the various stages of venture investment, starting from initial financing to advanced growth stages. During the past twelve months, Mubadala has made numerous investments in global technology companies and leading technologies such as Waymo, an autonomous technology company, Ali Express, Geo Platforms, and others.
WAM / Ahmed Al-Nuaimi / Dina Omar