Abu Dhabi state fund invests $150 million in Telegram app

Abu Dhabi state fund Mubadala Investment Co and Abu Dhabi Catalyst Partners announced today that they had invested $150 million in popular messaging app Telegram.

While Mubadala invested $75 million in five year pre-IPO bonds of the messaging app, Abu Dhabi Catalyst invested an additional $75 million.

“Telegram’s user base has reached a critical mass that places it amongst global tech giants,” said Mubadala executive Faris Sohail Faris al-Mazrui. “Telegram is well-positioned for an inflection point that will transform it into a leading global technology company.”

Telegram was founded in Russia in 2013 by Pavel Durov and his brother Nikolai Durov. The company currently has over 500 million monthly active users, as reported by Abu Dhabi Catalyst Partners.

Also Read: Telegram Usage Statistics

Telegram, as well as Signal, has seen a great increase in downloads following the controversial WhatsApp policy which led millions of users to look for WhatsApp alternatives.

“We are honoured by the $150m investment into Telegram from Mubadala and Abu Dubai Catalyst Partners.’’ said Telegram CEO Pavel Durov. ‘’We look forward to developing this strategic partnership to continue our growth in the MENA region and globally.”