Abu Dhabi Financial Group (ADFG) has announced a significant investment in US-based 500 Startups, a venture capital firm on a mission to discover and back the world’s most talented entrepreneurs.
Through this investment, ADFG, which has assets under management in excess of $6 billion, will be injecting substantial capital to accelerate the growth of 500’s key initiatives, expand into new markets, and anchor future global funds, a statement said.
Jassim Alseddiqi, CEO of ADFG, said: “For ADFG, this is a groundbreaking investment because 500’s global footprint and reach is incomparable. More than just a VC firm, 500 gains access to deals in global markets that many traditional VCs do not.
"This investment will complement ADFG’s existing technology initiatives. We are thrilled to be investing in 500 and look forward to supporting their continued growth and expansion,” he added, without disclosing the value of the investment.
Christine Tsai, CEO of 500, said with ADFG's investment, the company would be "aggressively pursuing" its mission of discovering and backing the world’s most talented entrepreneurs, helping them create successful companies at scale, and building thriving global ecosystems.
Tsai said: “After accomplishing all that we have in just eight short years via organic growth, we are excited to take 500 to the next level... I am proud to be working even more closely with ADFG to help accelerate 500’s future growth, invest in more promising companies, and further achieve our mission as one of the most active VC firms in the world.”
With this investment in 500, Dr Saleh Al Hashemi, CEO of Algorythma, ADFG's technology platform, will join 500’s board of officers.
500 Startups manages over $400 million in committed capital and has invested in more than 2,000 companies including Twilio, SendGrid, Credit Karma, Canva, Grab, Carousell, Udemy, Intercom, and Talkdesk.
Beyond providing seed capital, 500 further supports startups via its Seed Programs in San Francisco and Mexico City and its Series A Program in multiple locations globally.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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