SoftBank, whose $5 billion Latin America fund has showered regional startups wit...
SAO PAULO - SoftBank, whose $5 billion Latin America fund has showered regional startups with cash, is also courting local venture capital funds, an unusual move for the Japanese investor that has jolted the region’s tech scene.
Venture capital is still a relatively young business in Latin America and SoftBank’s investments will help to foster innovation, particularly for late-stage tech businesses, which are SoftBank’s main target. This could give SoftBank an advantage as a potential leading investor in future fundraising rounds and could also give the conglomerate an advantage over other investors in the same fund, some of the sources said.
SoftBank also requires venture capital firms it invests in to accept a non-compete clause and to give priority to the Japanese conglomerate when it is interested in early stage startup investments, one of the sources said.Softbank declined to comment. In the first half of 2019, venture capital investments in the region totaled $2.6 billion, more than three times the $780 million from a year earlier, according to The Association for Private Capital Investment in Latin America. More than a third of that came from SoftBank’s $1 billion bet on a single company, Colombian delivery-app Rappi.
But one of the sources said it was considered best practice both for venture capital funds or other investors leading the funding rounds to allow a different party to weigh in on the valuation for successive funding efforts.
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