SoftBank has raised $1 billion from Sharp for its colossal tech fund

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Softbank pepper robot
SoftBank
Group Corp. Chairman and CEO Masayoshi Son.

REUTERS/Yuya Shino

Japanese tech behemoth SoftBank has raised another $1 billion for
its enormous $100 billion tech fund, which is being billed as the
largest fund of its kind in the world.

The latest $1 billion for the “SoftBank Vision Fund” is coming
from Japanese electronics company Sharp, according to The
Financial Times
.

“Sharp decided to participate in the fund because, by
participating in a fund of this kind, it expects to capture an
opportunity to learn about the internet of things space, which
will in turn enable Sharp to accelerate its business expansion as
an IoT company,” Sharp said in a statement.

SoftBank announced the fund
last October, saying that it would be based in London and made up
of $45 billion from Saudi Arabia, $25 billion from SoftBank, and
$35 billion from other “global investors.”

Others corporates that have announced their intention to invest
in the fund include Apple, Qualcomm, and Oracle founder Larry
Ellison.

In December, Masayoshi Son, the chairman and CEO of SoftBank,
pledged to invest
half of the $100 billion pot into US technology companies.

Son met with US president Donald Trump at the time and told him
that he would create 50,000 new jobs in the US as a result of his
investment activities in the country. Son will reportedly be
Riyadh during Trump’s visit this weekend.

In January, SoftBank hired the founder of a
London-based investment fund
to help manage the enormous pot
of money.

Akshay Naheta, founder and chief investment officer of Knight
Assets, was appointed to guide public equity investments and
potential acquisitions for SoftBank’s new “Vision Fund”.


Source: einnews.com