Softbank Group Corp. Japan announced last March 7 the launch of the $2-B Innovation Fund that will be focused on Latin America.
This investment will be the world’s largest technology fund that will tap on the growing market in Brazil, Mexico, Chile, Columbia and Argentina. Softbank’s Chief Operating Officer Marcelo Claure will be managing the fund, alongside Rajeev Mishra, head of $100-B Vision Fund.
“Growing up in Latin America, I witnessed firsthand the creativity and passion of the people. There are so much innovation and disruption taking place in the region and I believe the business opportunities have never been stronger,” stated Claure.
Aside from being the Chief of Innovation Fund, Claure is also the COO of Softbank Group Corp. and CEO of Softbank Group International.
Mishra, on the other hand, said that Latin America is a significant location for Softbank’s plan of expansion. Its got all the opportunities for a stronger presence of tech in the world, following Silicone Valley.
The Innovation Fund is the first time Softbank has made the investment to a single region. Although it has created tech avenues and investments in India, the fund is something big that could help more companies and start-ups to grow and expand.
The $2-B fund is just the initial fund and no specific location has been made for the headquarters.
Softbank is founded in 1981 and engages in e-commerce, finance, media and marketing industries. Last year, it launched the Vision Fund with the $100-B mega fund.