Citigroup has completed the acquisition of Viking Global Investments, an equity investment firm that invests in startups and emerging markets.
Viking Global, which has an investment portfolio of $1.8bn, will be renamed Viking Global Partners.
The deal is subject to regulatory approval.
Viking’s global investor relations director, Daniel T. Bocock, said the transaction will enable the bank to “continue to invest in the next generation of technology and start-ups”.
“We will continue to invest and innovate with the company and will continue its success in the coming years,” he said.
Viking is based in Dublin, Ireland, and has a headquarters in Dublin.
Viking Group will now be renamed Nordic Ventures, according to a release.
The announcement came as Citigroup and Viking announced an agreement for a second round of equity financing.
The company’s $2bn cash injection will be used to buy 10 per cent of Viking’s stake in a group of technology companies called Viking Global Ventures.
The money will also be used “to accelerate Viking’s development of the company’s strategic investment and acquisitions programme”.
In addition, Viking Global will also become an investor in the Nordic Venture Capital Fund, which will be based in New York, which is set to raise $50m through a Series B round.
Viking Capital is set up to help start-up companies and invest in them through investment in technology, infrastructure and technology talent.
The fund has raised more than $10m from a total of 12 investors.
“Viking is a leader in innovation in the startup space,” said Jamie Anderson, chief executive of Viking Capital, in a statement.
“This transaction gives us a much-needed platform to accelerate the pace of innovation and build out our investment portfolio.”
Vikings’ investment portfolio is valued at more than £1bn, with more than 2,000 companies valued at $200bn.
In a blog post, Viking’s Mr Anderson said the deal will “give us the financial resources to grow and drive long-term growth”.
“Vikings global fund is an investment vehicle that will enable us to leverage our global capital in a more targeted manner, while also creating a better financial picture for our shareholders,” he added.
Viking has also raised money from some of the biggest names in technology.
“We are very pleased to welcome Viking to our portfolio and look forward to working closely with them on future growth opportunities,” said Richard Burdett, chairman and chief executive officer of Google, in the statement.