SoftBank Group will sell its early-stage VC division, SoftBank Ventures Asia, for an undisclosed sum to The Edgeof.
The Edgeof is a new VC entity established
by Atsushi Taira and Taizo Son, the younger brother of SoftBank founder
and CEO Masayoshi Son. SoftBank made the decision to curb its losses
after the parent group reported a $5.9B net loss in the quarter ending
in December 2022.
- The transaction is expected to conclude by the end of this year.
- After the transaction is completed, SoftBank Ventures Asia will invest alongside Taizo Son's existing VC firm Mistletoe.
- SoftBank
Ventures Asia made early-stage investments into potential startups,
paving the way for larger investments from the parent group's Vision
Fund.
- SoftBank's
Vision Fund invested in used car marketplace Carro, fintech app Opay,
metaverse platform Zepeto, and sneaker marketplace Soda, all of which
had previously received investments from SoftBank Ventures Asia.
- The Seoul-based firm has over $2B in assets under management (AUM).
- Notable portfolio startups include car-sharing startup Socar, social commerce platform Super, and shopping rewards app ShopBack.
