SoftBank Group announced the launch of the SoftBank Innovation Fund, the largest-ever technology fund focused exclusively on the fast-growing Latin American market, and the creation of the SoftBank Latin America Local Hub, a new operating group that will partner with SoftBank portfolio companies helping them enter Latin America, navigate the local markets and broaden their geographic reach in the region.
Marcelo Claure will serve as CEO of SoftBank Latin America, responsible for overseeing the new fund, its investments and operations. Claure will also continue to serve in his current roles as COO of SoftBank Group, CEO of SoftBank Group International and Executive Chairman of Sprint Corporation.
SBG has committed an initial $2 billion to the SoftBank Innovation Fund and will serve as the General Partner. No decision has been made as to the location of the SoftBank Innovation Fund’s headquarters.
The SoftBank Innovation Fund will invest throughout Latin America, including in Argentina, Brazil, Chile, Colombia and Mexico. Industries of particular focus for the Fund in the region include e-commerce, digital financial services, healthcare, mobility and insurance, among others.
The unique traits and rapid economic development of the Latin American market, coupled with the fact that it represents 10% of the world’s population and 8% of the world’s GDP (two times the GDP of India and half that of China), present significant growth opportunities for rapid technology deployment at scale and disruptive innovation.