April 14, 2023
1 min read

SoftBank offloads its VC arm

The acquisition comes after SoftBank and its Vision Fund registered huge financial losses amid the overall slump in the world of technology…reports Asian Lite News

Japanese investment giant SoftBank is selling one of its venture capital arms, SoftBank Ventures Asia (SBVA), to Singaporean investment firm The Edgeof, as VC funding remains scarce amid the global macroeconomic conditions.

The acquisition comes after SoftBank and its Vision Fund registered huge financial losses amid the overall slump in the world of technology.

The Edgeof, a newly-established entity, will be led by Founder Taizo Son (SoftBank CEO Masayoshi Son’s younger brother), and Co-founder and Chairman Atsushi Taira from the founding team of Mistletoe.

The Edgeof will leverage Mistletoe’s know-how and establish a pan-Asian ecosystem for ‘aStartups’ by discovering, investing and supporting the growth of game-changing startups, the companies said in a statement.

The company defines “aStartups” as startups that have a mission to address fundamental problems in the world with advanced technology.

SoftBank Group will collaborate closely with The Edgeof, offering valuable expertise, industry insights, and an extensive network to drive innovation and promote growth.

The acquisition is contingent upon regulatory approval and is expected to be completed this year.

“Through this acquisition, we aspire to build an ecosystem that enables visionary entrepreneurs and their startups to effect significant, positive societal change,” said Taira.

Following the acquisition, a fresh brand identity will be unveiled to signify the firm’s commitment to cultivating groundbreaking technologies across the region.

Son, Founder, The Edgeof, said, “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 startups worldwide.”

Founded in 2000, SoftBank Ventures Asia is an early-stage venture capital firm based in Seoul and currently operates nearly $2 billion funds under management.

Since its inception, SoftBank Ventures Asia has focused on ICT investments, including AI, IoT, and smart robotics, with global investment professionals in Seoul, Beijing, Singapore, and San Francisco.

In February this year, SoftBank had posted a loss of nearly $6 billion in the quarter that ended in December.

ALSO READ: EY U-turns on ‘Project Everest’

Previous Story

Intel, ARM strike ‘chip’ deal

Next Story

Chinese spies find news routes to slipping into UK  

Latest from Business

‘India’s Digital Hub Ascends’

The event also featured discussions on the Quad Partnership for Cable Connectivity and Resilience, reiterating commitments made during the July 1 Quad Foreign Ministers’ Meeting India’s growing role as a key digital

India’s Job Market Surges

With hiring levels on the rise, compensation is expected to increase by 12-15% in metro cities and by 18-22% in emerging cities India’s festive season this year is poised to create more

India Inc Eyes Upswing

Private equity (PE) remained comparatively stable in Q2, clocking 357 deals worth $7.4 billion — the second-highest volume since Q4 2022. However, deal values dipped on a quarter-on-quarter basis due to the

Apple Appoints Sabih Khan as New COO

Khan will take over from Jeff Williams, who is stepping down from the role this month and will retire later this year…reports Asian Lite News Apple has announced that Sabih Khan, an
Go toTop

Don't Miss

Protest at UN Over Awami League Ban

Speakers at the protest said that the US should demand

India, UK conclude 10th round of talks for trade deal

The delegation from India was briefed on areas of interest