500 Startups raises $140m for flagship fund, rebrands to 500 Global

Global venture capital firm 500 Startups announced that it has raised US$140 million in the latest close of its flagship fund. The fund is the largest it has raised to date and takes its assets under management to US$1.8 billion, the VC said.

The 11-year-old company, which focuses on early-stage startups, also said that it has rebranded to 500 Global.

500 Global CEO and founding partner Christine Tsai / Photo credit: 500 Global

With the new fund, 500 Global is eyeing the expansion of its investments outside its usual accelerator and seed-stage targets. It also boasts of being a top performer, with a net total value of paid in capital multiple (TVPI) of over 11x.

500 Global currently has 33 companies above unicorn status and 120 more valued over US$100 million in its portfolio. Among the well-known companies in its portfolio are Canva, Bukalapak, and Grab.

“As venture capital continues to globalize and the percentage of unicorns from outside the US increases further, 500 Global is uniquely positioned with deep expertise and a strong track record of investing in markets around the world,” said Christine Tsai, 500 Global’s CEO and founding partner.

The VC firm has already backed 6,000 entrepreneurs across 77 countries.

500 Global recently rebranded its 500 Durians fund to 500 Southeast Asia, as it sets its sights on the region’s growing economy. Earlier this month, the firm also named 20 startups for its accelerator program with Taiwan Tech Arena, which operates under the island’s Ministry of Science and Technology.