The new $400 million fund from Mubadala Capital received backing from SoftBank Group Corp, which provided it with half of its entire capital, the Financial Times reported on Monday.

Mubadala reportedly plans to invest $5 to $30 million into tech startups based in Europe, people close to the matter told the media outlet, making it similar to the SoftBank’s Vision Fund, which also targets tech companies.

The two investment companies have been working together ever since the Abu Dhabi state investment company put $15 billion into Vision Fund, becoming its second biggest investor after Saudi Arabia’s Public Investment Fund.

Breaking the News / MD

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