February 23, 2018 / 11:02 PM / a year ago

U.S. startup in talks for $400 million investment from Saudi fund: FT

(Reuters) - Magic Leap, a well-funded and secretive startup, is in talks for a $400 million investment from Saudi Arabia’s Public Investment Fund, the Financial Times reported on Friday.

The deal between the U.S. startup and Saudi Arabia’s top sovereign wealth fund is expected to be announced in the coming weeks, the report said, citing people close to the talks.

The Florida-based startup raised $502 million in October in a capital funding round led by Singapore government-owned investment firm Temasek Holdings TEM.UL.

Magic Leap and the Public Investment Fund did not respond to requests for comment outside regular business hours.

Reporting by Kanishka Singh in Bengaluru; Editing by Tom Brown

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