ADFG acquires strategic stake in Silicon Valley-based 500 Startups
500 Startups, a Silicon Valley venture fund with a track record of investing in young companies, said on Tuesday Abu Dhabi Financial Group (ADFG) had acquired a strategic stake in the firm. The move by ADFG, a privately owned investment company in the UAE with more than USD6bn under management, comes as Gulf sovereign wealth funds and corporates look to invest in firms on the US West Coast involved in venture capital, artificial intelligence and robotics. The statement did not disclose the value of the deal or the size of the stake.
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