The move is a bit of a surprise considering 500 Startups finalized $44.1 million for its second fund just last week. The group previously tried to raise $50 million, but for its third fund its doubling that amount to $100 million. VentureBeat is reaching out to 500 for further comment about the new fund and will update this post with any new information.
The Mountain View, Calif.-based firm invests $25,000 to $250,000 in early-stage tech companies. Over the last year, its accelerator has attempted to diversify its portfolio of companies by encouraging more women and international founders to apply, which has been pretty successful. 500 Startups now has 30 total employees and 10 partners that are investing from all parts of the world. Companies it has previously invested in include Twillo, Visual.ly, CrocoDoc, Makerbot, WildFire, and well over 500 others.