SoftBank announced late Tuesday that it will commit $3 billion for a private investment funding that will be focused on technology companies in the Latin American market.
In a statement, the company said that the launching of the SoftBank Latin America Fund II aims to invest in companies that will utilize technologies like artificial intelligence and scout deals in e-commerce and digital financial services as well as blockchain projects. The move also aims to explore options to raise additional capital for the region.
This second investment fund will bring the Japanese conglomerate’s total commitment to Latin America to $8 billion.
“Latin America is one of the most important economic regions in the world, and SoftBank will continue to drive technology adoption that will benefit hundreds of millions of people in this part of the world,” SoftBank Group Chief Executive Officer Masayoshi Son said in a statement.
SoftBank’s $3 billion commitment aims to build on the company’s successful milestones during its first dedicated private investment funding for the region in 2019.
“Over the past two years, we have seen tremendous success and returns from the SoftBank Latin America Fund that far exceeded our expectations,” said Marcelo Claure, the chief operating officer at SoftBank Group Corp.
“The amazing work and vision that Latin America’s entrepreneurs have demonstrated in the region gives us confidence that its digital transformation will continue to accelerate – in fact, we expect that 2022 will be the biggest IPO year in Latin America’s history,” Claure added.