South Korea’s National Pension Service Soft Bank will back fund for early stage startup for $500 million. Soft Bank has been an investor with Midas touch, turning several of its investments into the industry at billion-dollar valuations. Soft Bank has already invested $65 – $75 Bn of its $100 Bn Vision Fund. The global fund from newly rebranded Seoul-based Soft Bank Ventures Asia will be worth as much as $500 Mn and is expected to launch next month.
It may be seen as an important signal within the SoftBank Group that SoftBank thinks early-stage investments are important and will make continued efforts on them.
Soft Bank with its $100 Mn Vision Fund has already led to numerous new accesses in the unicorn club in the past few years, in India. In 2018, Soft Bank has made two unicorns in India with $238 Mn investment in PolicyBazaar and $1 Mn investment in hotel aggregator OYO, followed by logistics start-up Delhivery with worth $350 Mn funding and baby products retailer FirstCry with worth $396 Mn funding, in 2019.