Japan-based telecommunications and internet group SoftBank rebranded its SoftBank Ventures Korea unit to SoftBank Ventures Asia on Wednesday to reflect a wider geographical focus.
Founded in 2000, SoftBank Ventures Korea initially formed part of a network of corporate venturing vehicles that included SoftBank China Venture Capital, otherwise known as SBCVC, the New York-based SoftBank Capital – since spun out into a firm known as SBNY – and Softbank UK Ventures.
The unit initially focused on South Korea-based investments but expanded its remit in 2011 to take in additional deals elsewhere in Asia. It has now backed some 250 companies including Tokopedia, the e-commerce marketplace valued at $7bn, and app store operator Wandoujia, which was acquired for $200m in 2016.
The rebranded SoftBank Ventures Asia will also make early-stage investments in the US and Europe. It is currently operating out of offices in China, Israel and the US as well as South Korea, and is hiring staff for a forthcoming second Chinese office and a branch it plans to open in Singapore.
JP Lee, SoftBank Ventures Asia’s managing partner and CEO, said: “I am excited by the opportunity to enhance our presence in the early stage and look forward to backing passionate entrepreneurs with the boldest, most life-changing ideas.
“Our vision is to support promising young entrepreneurs by offering unparalleled access to SoftBank’s community, resources, and network. SoftBank Ventures Asia invests to accelerate the information revolution and is increasingly interested in the application of artificial intelligence across different industries.”
