As tech slumps, SoftBank sells VC unit to Singaporebased firm led by Masayoshi Sons brother

News Summary

  • “We are confident that our collective strengths and resources will ignite a new era of revolutionary technologies and solutions, establishing us as a prominent influence in developing and expanding αStartups worldwide,” Son said.
  • SoftBank is selling one of its venture capital arms, South Korea-based SoftBank Ventures Asia (SBVA), to The Edgeof, a Singaporean investment firm, according to the two companies.
  • In February, SoftBank said its investment vehicles posted a loss of nearly $6 billion in the quarter that ended in December, marking its fourth consecutive quarterly loss.
  • Last May, the Japanese tech giant said in an earnings call that it would cut startup investments by 50-75% through March 2023.
  • Some of the portfolio companies the Seoul-based VC firm invested in led to more considerable investments by SoftBank’s Vision Fund a few years later.
  • The deal’s financial terms have not been disclosed, but the Singaporean VC firm aims to complete the acquisition this year.
SoftBank is selling one of its venture capital arms, South Koreabased SoftBank Ventures Asia (SBVA), to The Edgeof, a Singaporean investment firm, according to the two companies.The deals finan [+2841 chars]