Softbank creates $5 billion fund for technology in Latin America.
Japanese group SoftBank announced on Thursday the creation of a $5 billion investment fund focused on technology projects in Latin America and the establishment of an operation in the region to help companies in its portfolio expand their reach on the continent.
(Reuters) - Japanese group SoftBank announced on Thursday the creation of a $5 billion investment fund focused on technology projects in Latin America and the establishment of an operation in the region to help companies in its portfolio expand their reach on the continent.
The fund has an initial commitment of $2 billion from SoftBank Group Corp (SBG). The company has not yet decided where to locate the headquarters of the innovation fund in Latin America, which will be chaired by Marcelo Claure, current president of Sprint and SoftBank Group International.
"Latin America is close to becoming one of the most important economic regions in the world, and we foresee significant growth in the coming decades," said Masayoshi Son, CEO of SBG, in a press release.
"I believe that business opportunities have never been stronger. The SoftBank Innovation Fund will become a major investor in transformative companies in Latin America that are positioned to redefine their industries," Claure stated in the press release.
The SoftBank Innovation Fund will invest in Latin American countries including Argentina, Brazil, Chile, Colombia, and Mexico. The investment focus will be on e-commerce, digital financial services, healthcare, mobility, and insurance.