500 Startups raises $44.1m second fund
Silicon Valley-based incubator 500 Startups has held a final close of $44.1 million second fund that will back seed and accelerator companies. The vehicle – 500 Startup Fund II - is larger than its predecessor but below the $50 million target.
The firm will invest about 75% of its capital in the US and 25% abroad, despite the big international push 500 Startups has made over the past couple years.
To date, 500 Startups has made around 150 investments overseas: 70 in Latin America, 60 in Asia and the rest in Europe and elsewhere, Dave McClure, founder of 500 Startups, told AVCJ in a previous interview.
As part of its global strategy, the company has also sought to establish a handful regional vehicles in the $5-10 million range that make the initial investments, with the main global fund coming in on subsequent rounds for the success stories.
These include 500 StartupWallah in India, 500 Luchadores in Mexico and the recently announced $10 million 500 Durians fund in Southeast Asia. It's now recruiting people in Beijing and Kuala Lumpur.
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