☰
The conglomerate plans to mark its presence in Latin America by investing in venture capital funds, with a strategy to deploy nearly $500 million in five to 10 funds.
SoftBank Group Corp., a multinational conglomerate based out of Tokyo, reportedly intends to negotiate a deal with various Latin America-based venture capital firms to invest millions of dollars in their funds, a move which might boost the spending of $5 billion in regional venture capital fund.
According to reliable sources, the conglomerate has only revealed direct investments using the fund’s assets, adding capital into Brazilian lender Creditas, Colombian delivery app Rappi, Mexican payments firm Clip and gym membership app Gympass.
However, the company’s Latin America fund intends to spend in venture capital funds so that it can enhance innovation in the region, positioning it closer to startups that might expand to receive the firm’s direct investments.
Reportedly, two venture capital investors have managed to get SoftBank resources, namely Argentina’s Kaszek Ventures, which has invested in 70 Latin American startups and has raised $600 million in fresh capital, and the Brazilian firm Valor Capital.
Moreover, the conglomerate is currently in talks with several asset managers to participate in their funds with one of them being Atlantico, a five-month-old venture capital firm started by the co-founder of Canary, Julio Vasconcellos. For the record, Canary is an investment firm that has stakes in 44 startups.
Additionally, SoftBank plans to invest in Monashees, one of the early investors in 99, a taxi application bought by China’s Didi Chuxing for an estimated of $1 billion, along with the logistics firm Loggi, fintech Neon and the bike rental app Yellow. But, SoftBank couldn’t close the deal with Monashees, voiding them form the company’s funding. As for Monashees, it has declined to comment on this matter.
Having always been daft at wordplay, Nikita Chaurasia, post the completion of post-graduation, commenced her journey into the content generation cosmos. Endowed with a professional MBA degree in Advertising and Public Relations, Nikita strives to integrate her creativ...
Detroit-based American multinational automaker, General Motors, has reportedly pulled ahead of fellow American rival, Ford Motor, to establish itself as second-biggest seller of all-electric vehicles in the US during the first quarter of 2023. The...
McKinsey and Co. a consulting giant entity has decided to start cutting jobs in one of the biggest rounds of layoffs for the company. This is likely to eliminate the jobs of about 2000 employees from work. The layoffs will be focused on support st...
PayPal, the U.S.-based fintech giant, has reportedly announced that it will cut nearly 2000 jobs, approximately 7% of its workforce, as it turns the latest prominent tech company to shed staff in a bid to cut costs. The online payments provider cl...
© 2023 ReportsGO.com. All Rights Reserved.