SoftBank has announced the launch of a USD 5 billion fund focused exclusively on the Latin American startup sector, marking the first time it has created an investment vehicle for a single specific region. In a statement, the Tokyo-based conglomerate said it’s committing an initial USD 2 billion to the “SoftBank Innovation Fund” and will serve as the general partner, with a USD 5 billion investment expected over the next 5 years. It will be looking to help emerging technology companies and entrepreneurs throughout Latin America, starting in Argentina, Brazil, Chile, Colombia and Mexico, with particular areas of interest including e-commerce, digital financial services, healthcare, mobility and insurance, among others.
At the same time, SoftBank is setting up a new operating group called the SoftBank Latin America Local Hub, which will partner with companies that are already in SoftBank’s investment portfolio to help them enter the region. The group’s Chief Operating Officer and former Sprint and Brightstar CEO Marcelo Claure has been named CEO of SoftBank Latin America and will be tasked with overseeing the new fund, its investments and operations. No decision has yet been made as to the location of the new fund’s HQ, said SoftBank.
