Abu Dhabi – Mubasher: Abu Dhabi-based ADFG, the leading South Korean online and multi-media retailer GS SHOP, and the global venture capital seed fund headquartered in Silicon Valley 500 Startups, on Tuesday announced that the signing of a joint memorandum of understanding (MoU).
Under the MoU, the partners will exchange experience and expertise to develop a platform for innovation hubs and co-working spaces known as “500 Spaces”, according to a press release.
500 Spaces will offer a “complete and sustainable ecosystem” with the aim to support innovation and startups, including accelerator and mentorship programmes, the release said.
Once functional, the anticipated platform is expected to top the accelerating global co-working space industry, the partners noted.
Krypto Labs, which succeeded in operating co-working spaces in the Middle East, will share its operational expertise as part of the agreement.
“500 Spaces would launch a $100 million fund to develop and scale the 500 Spaces co-working business model across different regions including the Middle East, the US, Asia, Europe and North Africa,” the partners highlighted.
Mustafa Kheriba, COO of ADFG, commented: “Through the partnership with GS SHOP, 500 Startups and Krypto Labs, we are looking to foster an incubator culture and spur innovation by ensuring startups and innovation hubs across the globe have complete access to a full-fledged ecosystem, where they can work, grow, collaborate, network and be able to showcase their business to a wider audience.”
For her part, Christine Tsai, CEO of 500 Startups, said: “The 500 Spaces partnership with ADFG, GS SHOP, and Krypto Labs will help us further leverage the expansive global startup network we’ve developed over the years and cement ourselves as the world’s most active global investor.”
500 Spaces will provide a physical presence for more startups from around the world to gain access to funding, a strong talent pool, an amazing mentor community and access to a lifelong network. Best of all, corporations and government agencies are also part of this vision, creating a network of local innovation ecosystems as part of a global vision," Tsai added.
Furthermore, Younghoon Park, EVP of GS SHOP, said: “We are excited to see how further ecosystem building will bridge opportunities for startups, corporates as well as investors, not only on a local but on a global scale through a network of associated spaces, created through the collaborative works of ADFG, Krypto Labs, 500 Startups and GS SHOP.”
