SoftBank mulls bringing 40 companies to Brazil

FILE PHOTO: The emblem of SoftBank Group Corp is displayed on the SoftBank World 2017 convention in Tokyo, Japan, July 20, 2017. REUTERS/Issei Kato/File Photograph

SAO PAULO (Reuters) – Japan’s SoftBank Group Corp is contemplating bringing round 40 firms with excessive progress potential to Brazil and expects to announce a big funding within the nation in round two weeks’ time, the group’s head in Brazil, André Maciel, stated on Friday.

“We’ve got round 40 firms that slot in Brazil,” he stated throughout an occasion at Cubo, a technological hub funded by Itaú Unibanco, the most important non-public financial institution in Latin America.

SoftBank has been investing in lots of firms around the globe, together with some which might be already working in Brazil corresponding to U.S. office-sharing startup WeWork.

Maciel, a former director at JPMorgan in Brazil, added Softbank plans to reveal a big funding within the nation within the subsequent two weeks. He didn’t elaborate.

The Japanese group has been main multimillion-dollar investments in Latin America since March, when it introduced the creation of a $5 billion fund focusing on technological initiatives within the area.

SoftBank has invested $1 billion in Colombian supply startup Rappi, $150 million within the app-based startup Loggi and $250 million within the rental platform Quinto Andar. It has additionally acquired a 15% stake in Banco Inter.

“Brazil nonetheless has room to create extra unicorns”, stated Maciel, referring to startups price greater than $1 billion. He added SoftBank sees alternatives in Brazil in well being, logistics, transportation and agribusiness, amongst different areas.

Reporting by Aluisio Alves in Sao Paulo; Writing by Gabriela Mello; Modifying by Matthew Lewis

Our Requirements:The Thomson Reuters Belief Ideas.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.