Largest Latin American tech fund in the world is born. It’s being led by a Miamian
If you’re a tech company in Latin America, you may want to pay attention to this.
Tokyo-based technology conglomerate SoftBank Group announced Thursday the creation of the $5 billion SoftBank Innovation Fund, the largest technology fund focused exclusively on the fast-growing Latin American market. SoftBank is starting the fund off with $2 billion, and will serve as general partner.
It is also creating the SoftBank Latin America Local Hub, a new company that will partner with SoftBank and its existing portfolio of companies, which includes Uber, WeWork, and DoorDash food delivery service, to help them grow in the region.
Miami resident and Inter Miami F.C. co-owner Marcelo Claure will serve as chief executive officer, responsible for overseeing the new fund’s investments and operations. He will continue in his current roles as chief operating officer of SoftBank, chief executive officer of SoftBank Group International, and chairman of Sprint.
SoftBank has not decided where it will headquarter the fund or hub. It said it is considering opening offices in Sao Paulo, Mexico City, Bogota and Buenos Aires.
“Growing up in Latin America, I witnessed firsthand the creativity and passion of the people,” Claure said in a statement. “There is so much innovation and disruption taking place in the region, and I believe the business opportunities have never been stronger.”
The Innovation Fund will invest throughout Latin America, including in Argentina, Brazil, Chile, Colombia and Mexico. Industries of particular focus for the fund in the region will include e-commerce, digital financial services, healthcare, mobility and insurance, the company said.
“The unique traits and rapid economic development of the Latin American market, coupled with the fact that it represents 10 percent of the world’s population and 8 percent of the world’s GDP (two times the GDP of India and half that of China), present significant growth opportunity for rapid technology deployment at scale and disruptive innovation,” the company said in a statement.
This story was originally published March 7, 2019 at 8:21 AM.
