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Laxman Pai, Opalesque Asia: Japan's SoftBank Group (SBG) is launching a $5bn fund to invest in technology companies in Latin America, it said, ramping up its tech ambitions beyond its huge Vision Fund.
The new fund will be headed by SoftBank's Chief Operating Officer Marcelo Claure, it said in a statement, with the Japanese technology conglomerate committing an initial $2bn and serving as the fund's general partner.
Softbank, which already has a $100bn investment vehicle known as Softbank Vision Fund, has made sizeable investments in ride-hailing firm Uber Technologies Inc, shared office provider WeWork, food delivery startup DoorDash and dog walking app Wag.
Marcelo Claure will serve as Chief Executive Officer of SoftBank Latin America, responsible for overseeing the new fund, its investments and operations. Claure will also continue to serve in his current roles as Chief Operating Officer of SoftBank Group Corp., Chief Executive Officer of SoftBank Group International and Executive Chairman of Sprint Corporation.
No decision has been made as to the location of the SoftBank Innovation Fund's headquarters.
Masayoshi Son, Chairman & Chief Executive Officer of SBG, said, "Latin America is on the cusp of becoming one of the most important economic regions in the world, and we anticipate significant growth in the decades ahead."
"SBG plans to invest in entrepreneurs throughout Latin America and use technology to help address the challenges faced by many e...................... To view our full article Click here
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