SoftBank sees $93 billion raised for Vision fund
SoftBank has sealed a $93 billion windfall in the first round of investment into its Vision Fund investment group
The fund, announced by SoftBank founder Masayoshi San last year, will invest in new technology and telecoms development, and has received backing from Saudi Arabia alongside a number of the world’s biggest technology companies.
Though the figure fell short of the $100 billion target originally outlined by SoftBank, it is enough to make it the world’s largest tech investment fund. It is also due to have another round of fundraising over the next six months.
Contributors include Apple, Qualcomm, ARM, Foxconn, and Sharp, while one of the biggest investors was Abu Dhabi firm Mubadala Investment, which contributed $15 billion to the fund.
“The next stage of the Information Revolution is under way, and building the businesses that will make this possible will require unprecedented large-scale, long-term investment,” the SoftBank Vision Fund said in a statement.
Sprint-owner SoftBank made the announcement as US President Donald Trump visited Saudi Arabia on a state visit. After meeting Trump last year, Son pledged $50 billion of investment in the US, and has recently courted talks about a merger between Sprint and Deutsche Telekom’s US operation, T-Mobile.