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Apr, 04 2018

Abu Dhabi Financial Group Invests in US Based Startups

They provide seed capital as well as seed programs to support start-ups. The seed programs are a series of program that happens in multiple locations globally.

Abu Dhabi Financial Group Invests in US Based Startups

Abu Dhabi Financial Group (ADFG) has announced an investment in US-based 500 Startups, a venture capital firm on a goal to observe and support  world’s most talented entrepreneurs.

A statement said, 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.

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.”

 He added, without disclosing the value of the investment, “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.”

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.”

Dr Saleh Al Hashemi, CEO of Algorythma, ADFG's technology platform, will join 500’s board of officers, with this investment in 500 start-ups.

The startups has invested in more than 2,000 companies with the committed capital they received from startups including Twilio, SendGrid, Credit Karma, Canva, Grab, Carousell, Udemy, Intercom, and Talkdesk.

They provide seed capital as well as seed programs to support start-ups. The seed programs are a series of program that happens in multiple locations globally.

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