Abu Dhabi-based ADFG has made a significant investment in to major FinTech investor 500 Startups.
Following the transaction, ADFG will acquire a strategic stake in 500 Startups and will inject capital to support its initiatives, expansion to new markets and as an anchor for future global funds.
With the support of global investment firm ADFG, 500 Startups hopes to further its efforts in finding and supporting entrepreneurs worldwide.
Last year, 500 Startups was one of the top five most active investors in the FinTech sector. Some of the FinTech companies in its portfolio include personal finance company Credit Karma, online car insurance platform Clearcover, and credit line lending app Float.
The firm has already completed three FinTech deals this year. Last month, 500 Startups took part in the $1m seed investment to Dubai-based investment data business MAGNITT.com.
500 Startups founding partner Christine 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. Over the last few years, we have gotten to know ADFG through their involvement as a limited partner in 500’s previous funds and found that we have a strong alignment on vision and complementary strengths.
“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.”
As part of the investment, Algorythma CEO Saleh Al Hashemi will join 500 Startups’ board of officers.
500 Startups has been the most active FinTech investor since 2014, according to data by FinTech Global. Between 2014 and Q1 2017, the company had closed 105 transactions in the sector.