Mubadala extends co-investment partnership with Hellenic Development Bank of Investments
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Mubadala extends co-investment partnership with Hellenic Development Bank of Investments

Mubadala extends co-investment partnership with Hellenic Development Bank of Investments

The Mubadala-HDBI co-investment partnership was first established in 2018 with an initial focus on minority direct private equity investments in Greek businesses

Hellenic Development Bank

Mubadala Investment Company (Mubadala) and Hellenic Development Bank of Investments (HDBI), Greece’s sovereign fund of funds, signed an agreement to expand their EUR400m co-investment partnership. This will include venture capital (VC) and private equity (PE) investments in top performing Greek funds focused on high growth sectors. The agreement was signed during Greek Prime Minister Kyriakos Mitsotakis’ official state visit to the UAE.

The Mubadala-HDBI co-investment partnership was first established in 2018 with an initial focus on minority direct PE investments in Greek businesses.

Additionally, Mubadala and HDBI closed their first co-investment under the newly extended agreement to Athens-based VentureFriends Fund III, an early-stage tech investor.

VentureFriends focuses on scalable B2C and B2B startups that can develop a sustainable moat over time, with a track record of successful investments in PropTech, fintech, marketplaces and SaaS. It targets investments in Greece, throughout Europe and selectively around the world, including the UAE, where it has been an early investor in Instashop since 2016 and most recently an early investor in Huspy.

Waleed Al Mokarrab Al Muhairi, Mubadala’s deputy group CEO, said, “Over the years, the economy of Greece has not only demonstrated its resilience, but it also now presents some very exciting growth opportunities. Our extended partnership with HDBI will enable Mubadala to accelerate its investments in Greece, capitalising on an increasingly active innovation and entrepreneurial landscape across multiple sectors. We look forward to our continued collaboration with HDBI in the months and years ahead as we collectively seek to tap into Greece’s burgeoning innovation driven sectors.”

Dr Haris Lambropoulos, HDBI’s president, said, “Our collaboration with Mubadala is based on mutual trust and understanding. The extension of our strategic co-investment partnership is the beginning of a new era, in full alignment with the investment principles and values of our respective organisations. It also provides a unique opportunity to further promote our bilateral relations, leveraging the dynamism of the Greek economy and its resilience in the face of global challenges and uncertainties.”

Antigoni Lymperopoulou, HDBI’s CEO, added, “Our co-investment approach has been delivering solid results by promoting the Greek investment ecosystem, which is focused on talent and innovative entrepreneurship.”

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