SoftBank Ventures Asia, a corporate venturing vehicle for Japan-headquartered telecommunications and internet group SoftBank, has raised ₩317bn ($270m) for its latest fund, Reuters reported on Friday.
In a statement seen by Reuters, the corporate said the fund is set to reach a final close in the next six months, having sourced a limited partner commitment from South Korea’s National Pension Service.
The unit’s chief executive, JP Lee, told Reuters in March 2019 that SoftBank intends to provide as much as $500m up for the revamped SoftBank Ventures Asia fund.
SoftBank Ventures Asia rebranded from SoftBank Ventures Korea in January 2019 in order to reflect an expanded mandate that involves participation in investments in early-stage companies across Asia, Europe and the US.
The corporate’s other investment vehicles include the $98.6bn Vision Fund, which makes nine and 10-figure investments in growth-stage companies, and a $5bn Latin American-focused fund that launched earlier this year.
Softbank Ventures Asia’s portfolio companies include e-commerce marketplace Tokopedia, angling community operator Fishbrain, light detection and radar technology developer Innoviz Technologies and film production technology provider Arraiy.