By Andrei Skvarsky.
United Arab Emirates state investment company Mubadala and two other firms have put $33m into Switzerland-headquartered base metals trading company Open Mineral to help it further sophisticate the digitisation of its business.
Dusseldorf-headquartered venture capital firm Statkraft Ventures and Beijing- and Hong Kong-based private equity fund Lingfeng Capital were the investors that joined Mubadala in what was the Series C round of financing for Open Mineral, the metals trader said in a statement.
In earlier funding, Open Mineral had investments from Moscow’s venture capital fund Xploration Capital and Zurich’s investment firm Emerald Technology Ventures.
More than 900 metals and mining companies across the world have been through Open Mineral’s trading platform, according to the statement from the trader, which has its headquarters in Baar, Zug canton.
Mubadala, which is headquartered in Abu Dhabi, manages assets worth $243bn. It has investments in more than 50 countries.
The day the Open Mineral’s Series C funding was announced, Mubadala signed a five-year agreement with the British government under which the UAE is to invest 10bn British pounds ($13.65bn) into technology, technology, infrastructure and energy transition projects in Britain.
The deal is part of a UAE-British investment programme under which Mubadala and the British government made pledges in March 2021 to invest 800m pounds ($1.11bn) and 200m pounds ($278.00m) respectively in life sciences projects in Britain, according to a statement from the UAE company.
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