Japan-headquartered telecommunications and internet group SoftBank is launching a $100m fund to invest in companies based around the Miami, Florida area of the United States, TheRealDeal has reported.
The news was revealed by Marcelo Claure, chief operating officer of SoftBank Group, through an episode of the Cafecito Talks podcast hosted by Miami mayor Francis Suarez.
SoftBank is one of the longest running corporate venturers, having been active since the 1990’s, and the $100m put aside for the latest vehicle represents a re-allocation from other funds, a source familiar with the matter told TheRealDeal.
In addition to managing the two multibillion-dollar Vision Funds and overseeing the Asia-focused SoftBank Ventures Asia, the corporate launched a $5bn Latin American fund in early 2019 overseen by Claure, who lives in the Miami area.
The vehicle has already chosen its first portfolio companies, according to Claure, who said they include cybersecurity software developer Lumu Technologies. It will invest in locally-founded startups as well as those willing to move to the area.
