The signing of the agreement came during the official visit of Greek Prime Minister Kyriakos Mitsotakis to the UAE, to expand the partnership between Mubadala and the Greek fund to include investment in start-up companies and private equity in the highest-performing Greek funds that focus on investing in high-growth sectors.
According to a press release, the investment partnership agreement between the two parties was launched in 2018 and focuses primarily on minority investments in private companies in Greece.
Under this new, expanded partnership, Mubadala and Hellenic Development Bank Investments completed their first transaction, co-investing in Venture Friends Fund III; It is a fund for early stage technology investments.
Waleed Al Mokarrab Al Muhairi, Group Executive Vice President at Mubadala, said in a press release: “Over the years, the Greek economy has been highly resilient, and this economy offers investors today attractive investment and growth opportunities. Its investments in Greece, and benefit from the areas of innovation and entrepreneurship in multiple business sectors. We look forward to strengthening our permanent cooperation with the Hellenic Development Bank for Investments during the coming period, as we look forward together to benefit from the flourishing business sectors based on technological innovation in Greece.”
For his part, Dr. Harris Lampropoulos, President of the Hellenic Development Bank for Investments, said: “Our cooperation with Mubadala is based on the foundations of trust and mutual understanding, and extending the scope of our strategic partnership in the field of joint investment is the beginning of a new era characterized by complete compatibility in the investment approach and its fields. It also provides an opportunity It is privileged to continue to strengthen our bilateral relations, and to benefit from the dynamism of the Greek economy and its resilience in the face of global fluctuations and challenges.”
Antigone Limperopoulou, CEO of the Hellenic Development Bank for Investments, said: “Our approach to co-investing has yielded strong results and has contributed to strengthening the Greek investment ecosystem, which focuses on outstanding human capital and innovative entrepreneurial areas.”
The Venture Friends Fund focuses on investing in consumer and corporate business startups with a proven track record in areas such as real estate technology, fintech, markets and software as a service. The fund targets investments in Greece, throughout Europe and selectively around the world, including the UAE. The fund has been an early investor in Instashop since 2016, and most recently as an early investor in Haspy.
Venture Friends co-founder George Dimopoulos said: “We are delighted to welcome Mubadala and the Hellenic Development Bank for Investments, and we are excited about their partnership with us in Venture Friends Fund III, and we look forward to building on this partnership. In its field, including (Blowground) in real estate technology, (Belvo) in financial technology, and (Instashop) in consumer-oriented business.”
He added, “Through the joint investment partnership, Mubadala and the Hellenic Development Bank for Investments, have increasingly reviewed a number of investment opportunities over the past four years, and the two parties are currently reviewing more opportunities for direct investment and investment in investment funds.”
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