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Softbank to Create $100 Billion Startup Funds Every 2 3 Years, to Spend $50 Billion Annually

Softbank to Create $100 Billion Startup Funds Every 2-3 Years, to Spend $50 Billion Annually

By Reuters | Updated: 27 September 2018 15:46 IST

Highlights

Son has attracted more than $93 billion to his Vision Fund
He has even flagged his intention to raise further financing
Within 10 years, 1000 companies will have received investments: Son

SoftBank Group Corp plans to create a new $100 billion (roughly Rs. 7.25 lakh crores) fund every two to three years and spend $50 billion (roughly Rs. 3.6 lakh crores) annually, its Chief Executive Masayoshi Son told Bloomberg Businessweek in an interview published on Thursday.

Son has attracted more than $93 billion (roughly Rs. 6.7 lakh crores) to his Vision Fund technology investment vehicle, and has flagged his intention to raise further financing.

The comments reflect Son's dealmaking ambitions that have shaken up the world of venture capital investing as he looks to accelerate his vision of a future driven by artificial intelligence.

SoftBank did not immediately comment.

The Vision Fund's largest investments to date are in companies including ride-hailing firm Uber Technologies and shared-office space firm WeWork.

Son's comments on the pace of the raising of new funds echo similar comments he made to the Nikkei business daily last year.

Within 10 years, more than 1,000 companies will likely have received investments, he told Nikkei.

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