SoftBank to add $1B to its $5B Innovation Fund

FILE PHOTO: Signage for SoftBank Group Corp. is displayed outside one of the company’s stores in Tokyo, Japan, on Tuesday, May 9, 2016. SoftBank on July 18, 2016, agreed to buy ARM Holdings Plc for 24.3 billion pounds ($32 billion), securing a slice of virtually every mobile computing gadget on the planet and future connected devices in the home. Photographer: Tomohiro Ohsumi/Bloomberg

LatAm ListSoftBank, the Japanese telecommunications giant, recently announced a further $1B to be added to the $5B Latin American Innovation Fund.

The Toyko-based company currently oversees an estimated 650 companies throughout Latin America, focusing on fintech, healthcare, and digital commerce. Brazil’s Creditas received $200M and Colombia’s Rappi received $1B through the Fund’s focus on smart-technology startups.

“We are focused on investing in companies that could achieve long-term profitability,” commented Andres Freire, Managing Partner and head of SoftBank’s Southern Cone region.

Over 50% of the companies that have received investments from the Innovation Fund are based in Brazil. With this further investment, SoftBank will be focusing on Argentina, Chile, Colombia, and Mexico, as the company increases its presence in the region.

Read more on CrowdfundInsider.

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