Japanese tech behemoth SoftBank has raised another $US1 billion for its enormous $US100 billion tech fund, which is being billed as the largest fund of its kind in the world.
The latest $US1 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 $US45 billion from Saudi Arabia, $US25 billion from SoftBank, and $US35 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 $US100 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”.
Masa (SoftBank) of Japan has agreed to invest $US50 billion in the U.S. toward businesses and 50,000 new jobs….
— Donald J. Trump (@realDonaldTrump) December 6, 2016