- Softbank is creating a startup fund called Latin America Tech Hub focused on startups, joint ventures, and strategic partners
- The main goal of the Japanese fund is to attract about 50 global companies ready to invest in Latin America
Softbank had already announced a 5 billion fund for Latin America that was used to boost companies such as the Brazilian unicorn Gympass, Creditas, Banco Inter, Volanty, and MadeiraMadeira. But it looks like that wasn’t enough to make the most out of all the business potential of the region, since Softbank is now going farther.
The Japanese fund, which owns the biggest startup investment fund in the world, released a new startup incubator focused on the development startups, joint ventures, and strategic partners in the region, according to the Brazilian media outlet Exame.
Called the Latin America Tech Hub, the main goal of this incubator is to attract international companies from Softbank’s portfolio to start doing business in Latin America. The forecast is that these negotiations could create 50 joint ventures in the region in the following 5 years.
We are excited in helping companies from Vision Fund’s portfolio to enter in Latin AmericaWrote Rajeev Misra, Sofbank Investments Advisers’ President, according to Exame.
According to Exame, the startup incubator will be led by Ralf Wenzel, an entrepreneur that was involved in highlighted projects, such as the food delivery FoodPanda that reached 40 countries before being sold to the German company Delivery Hero and has focused his carriers in emerging markets.
And it looks like the challenge couldn’t be more welcomed, for Wenzel said in a statement that “the region [Latin America] shows an unexplored potential with several segments getting closer to disruption.”