Venture capital fund 500 Startups is opening an office in downtown Miami, a move that's good news for local startups.

The expansion to Miami means 500 Startups is ready to invest seed money in local tech and other new companies and grow its investments in Latin America.

This is the company's first U.S. office outside California. It has offices in the affluent Silicon Valley city of Mountain View and San Francisco.

500 Startups will rent a 7,200-square-foot space at mindwarehouse, an office and meeting space at 111 NE First St. where tenants rent workspace on a month-to-month basis.

The move is in part the result of local agency efforts  to bring the fund to South Florida.

The Miami Downtown Development Authority, funded by property taxes, has signed off on an incentive grant.

The authority has promised to give 500 Startups $300,000 over two years, including $150,000 released when the grant agreement was executed. The money is to be used only on Miami operations, according to the Sept. 17 incentive grant agreement, which could be extended for another year.

The John S. and James L. Knight Foundation and financial services firm Visa Inc. also worked to bring the company here.

500 Startups will work as an accelerator for companies by offering money and running programs to help startup founders build their businesses.

Some of the programs include mentoring sessions for entrepreneurs, investor education programs and corporate startup innovation training, according to a news release.

“Miami continues to produce many startups, but they struggle with growth and scale,” Raul Moas, Knight Foundation program director for Miami, said by email. “500 Startups aims to fill this gap, capitalizing on the city's diversity and links to Latin America to help establish the city as a global hub for tech entrepreneurship and innovation.”

The fund plans to open its new office in the coming weeks.