Venture capital firm 500 Startups has announced the closing of a US$140 million global flagship fund, its largest fund to date, bringing assets under management to US$1.8 billion. Now rebranded as 500 Global, the company has been expanding its investment strategy beyond the accelerator and seed stage.

The 11-year-old firm’s portfolio has yielded 33 companies valued over US$1 billion and more than 120 companies valued over US$100 million including Talkdesk, Canva, Bukalapak, Grab, and Shippo. 500 Global has backed more than 6,000 entrepreneurs across 77 countries.

Christine Tsai, founding partner and chief executive officer of 500 Global, says: “From the very beginning, our mission and investment thesis were anchored in the conviction that exceptional founders exist in all corners of the world. That led us to start investing in companies not just in Silicon Valley, but also in Latin America and East Asia in 2011, the Middle East in 2012, Africa in 2013, and Southeast Asia in 2014. That early conviction has resulted in an expansive, diversified global portfolio across many countries, sectors, and stages, with 46% of the companies based outside of the United States.”  

In expanding its investment strategy, 500 Global says it will continue to invest at the accelerator and seed stage as well as the later stages of a company’s growth. The firm has already begun to write larger investments into companies, leading or co-leading fund-raising rounds, as well as offering later stage co-investment opportunities to limited partners.