ADFG acquires strategic stake in Silicon Valley-based 500 Startups

DUBAI (Reuters) – 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 United Arab Emirates with more than $6 billion under management, comes as Gulf sovereign wealth funds and corporates look to invest in firms on the U.S. West Coast involved in venture capital, artificial intelligence and robotics.

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