EBRD backs 500 Istanbul Fund II

EBRD commits €5m to 500 Global.

Institution: European Bank for Reconstruction & Development
Headquarters:  London, United Kingdom
AUM: €4.35 billion

European Bank for Reconstruction & Development (EBRD) has committed €5 million to the venture capital vehicle 500 Istanbul Fund II.

EBRD’s commitment was part of its Early-Stage Innovation Facility, a €100 million programme that invests in early-stage venture capital funds. Fund II, which has a €60 million target size, was launched in October 2020. It is aimed at investments in technology-focused, early-stage companies in Turkey and Central and Eastern Europe.

The fund is managed by 500 Global, a San Francisco-headquartered investment firm that targets seed to series A-stage technology-related companies. The predecessor fund, 500 Istanbul, closed with $6.3 million in 2015, according to Private Equity International data.

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