Saudi PIF invests $400 mln in US startup

08/03/2018 Argaam

 

Saudi Arabia’s Public Investment Fund (PIF) has invested $400 million in US-based augmented reality startup Magic Leap.  

 

The startup raised a total of $461 million, of which $61 million came from unnamed investors, the company said in an official statement. The latest funding round took its overall funding to over $2.3 billion.

 

By this investment outlay, the Saudi public fund joins a list of global shareholders into Magic Leap, including Google, Alibaba Group, Qualcomm Inc., Time Warner’s Warner Bros and J.P. Morgan Investment Management.

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