Abu Dhabi, UAE: ADFG, a leading global investment group, GS SHOP, South Korea’s leading online and multi-media retailer and part of the GS Group, one of the largest conglomerates in South Korea, and 500 Startups, a global venture capital seed fund headquartered in Silicon Valley, have signed a joint Memorandum of Understanding (MoU) that will bring together the partners to collaborate on developing a platform for innovation hubs and coworking spaces known as “500 Spaces”.
Once functional, 500 Spaces will provide a complete and sustainable ecosystem for innovation and start-ups, including accelerator and mentorship programs. By leveraging the experience and expertise of the partners involved, the 500 Spaces platform will capitalize on the exponentially growing global coworking space industry. Krypto Labs has successfully operated coworking spaces in the Middle East is a party to the agreement and will be lending its operational expertise.
500 Spaces would launch a $100 million fund to develop and scale the 500 Spaces coworking business model across different regions including the Middle East, the United States, Asia, Europe and North Africa.
Commenting on the opportunity, Mustafa Kheriba, COO of ADFG, said: “We are entering a new era that is influenced by innovation and new collaboration models, and stirred by companies and individuals experimenting with new ways of working. For start-ups, the coworking solution ticks all the boxes of flexible, affordable space and provides a creative hub to foster new ideas and new business, which are all essential components of innovation. With coworking spaces rapidly emerging as the future of work, we see them at the heart of innovation and growth for small businesses and startups.