SoftBank raises $270 mn fund for early-stage investments

SoftBank Group said on Friday its Seoul-based venture capital unit focusing on early-stage investments has raised a 317 billion won ($270 million) fund.
SoftBank JapanSoftBank Ventures Asia’s new fund will invest in early-stage startups globally with a focus on Asia.

The new fund, which aims to close in the next six months with investors including South Korea’s National Pension Service, reflects a renewed appetite by SoftBank for early-stage investing.

While SoftBank’s Saudi-backed, $100 billion Vision Fund bestrides the investing scene for late-stage startups, the group’s Chief Operating Officer Marcelo Claure in March launched a $5 billion, Latin American-focused fund.

Previous investments by SoftBank Ventures Asia, which was established in 2000 before its remit was expanded earlier this year, include South Korean gaming company Nexon, and Indonesian e-commerce firm Tokopedia.

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