SoftBank tech fund raises $93bn in first close, becoming worlds biggest

SoftBankSoftBank’s Vision Fund, the largest private equity fund in the world, has raised over $93bn (£71bn) to invest in internet of things (IoT), AI, robotics, mobile applications and computing, communications infrastructure and telecoms, and more.

Funding has come from major backers including Apple, Qualcomm, Sharp, Foxconn, and the Mubadala Investment Company of the UAE – adding to investment made by the SoftBank Group and the Public Investment Fund of the Kingdom of Saudi Arabia.

The Fund says it will make investments of $100m minimum in ‘both private and public companies, from emerging tech businesses to established, multi-billion dollar companies requiring substantial growth funding’.

“Technology has the potential to added the biggest challenges and risks facing humanity today,” said Masayoshi Son, Chairman and CEO of SoftBank. “The businesses working to solve these problems will require patient long-term capital and visionary strategic investment partners with the resources to nurture their success. Softbank has long made bold investments in transformative technologies and supported disruptive entrepreneurs. The Softbank Vision Fund is consistent with this strategy and will help to build and grow businesses creating the foundational platforms of the next stage of the Information Revolution.”

SoftBank recently looked to close a series of deals in India, with CEO Son looking to shake things up within the Indian tech sector. Furthermore, it was part of a $500m funding round for ride hailing company Lyft last month – following an investment in Grab around six months earlier.