AAA Marcelo Claure leaves SoftBank

Marcelo Claure leaves SoftBank

Marcelo Claure (pictured right), chief operating officer at SoftBank Group and the driving force behind its Latin America corporate venturing funds, is leaving after a reported clash over compensation with founder Masayoshi Son.

Michel Combes will take over Claure’s responsibility for SoftBank Group International (SBGI) and oversee its operating and investment portfolio, the company said in a statement.

“Marcelo has made many contributions to SoftBank during his time here and we thank him for his dedication and wish him continued success in his future endeavours,” Son said in the statement. “I have great confidence in Michel Combes and the talented SoftBank team to continue with the great work we have underway at SBGI.”

Claure, a GCV Powerlist 2021 award winner, had pressed for more money – as much as $1bn in recent months – and authority in recognition of his work, according to newswire Bloomberg, which broke the story.

For his GCV award profile, Claure, who was born in Bolivia, said: “Growing up in Latin America I witnessed firsthand the creativity and passion of the people. There is so much innovation and disruption taking place in the region, and I believe the business opportunities have never been stronger.

“The SoftBank Innovation Fund will become a major investor in transformative Latin American companies that are poised to redefine their industries and create new economic opportunities for millions of people.”

His interest in Latin America contrasts with many of his peers. VC funding to early-stage Latinx-founded startups in the US has stalled, according to Crunchbase News’ look.

Claure also advocated for a spinoff of the Latin American-focused investment fund he oversaw for SoftBank, Bloomberg reported last year.

The SoftBank Innovation Fund now has $8bn in assets and backed 48 companies generating an internal rate of return of 85% in dollar terms, the company said in September. The fund is separate to but often co-invests with SoftBank’s Vision Funds, which manage more than $100bn and are run by Rajeev Misra (pictured left).

Earlier this week, SoftBank-backed financial technology firm Creditas, which operates a digital platform offering consumer loans in Brazil and Mexico, reached a valuation of $4.8bn after raising $260m in its sixth funding round.

Fidelity Management & Research joined as the new investor of this round, along with financial investors Actyus and Greentrail Capital and existing investors SoftBank Vision Fund 1 and SoftBank Innovation Fund and Wellington Management.

Lightrock led a $255m E round in December 2020 at a reported $1.75bn valuation; SoftBank led a $231m round in 2019.

Will Pruett, managing director at Fidelity, said in a statement: “With collateralised lending they have taken on a complicated problem in a complicated market.”

Creditas, which is already in talks for an IPO at a reported $7bn to $10bn valuation, according to Valor Econômico, said it would use the proceeds mainly to expand its current portfolio of products.

By James Mawson

James Mawson is founder and chief executive of Global Venturing.