Japanese multinational conglomerate, SoftBank has announced its second Vision Fund which it said will have a record $108 Billion (Rs 74,000 Crore) to invest in start-ups around the world.
According to a media report published in The Telegraph, the company said that Microsoft, Apple, Standard Chartered Bank and iPhone manufacturer Foxconn have all agreed to invest in this new fund. Meanwhile, Saudi Arabia’s Public Investment Fund, which pumped $45 Billion into its original Vision Fund, has not yet committed investment to its successor, however, Abu Dhabi’s sovereign wealth fund Mubadala Investment was also notably absent from the announcement. But according to a report by the Wall Street Journal has reported that they are expected to back the new fund in the coming days.
The first and original Vision Fund was launched by SoftBank’s in 2016. It was an essential move on the part of businesses to continue seeking venture capital fund, instead of moving to the public markets. SoftBank also invested in popular companies such as Uber, WeWork, and London-headquartered Improbable. SoftBank is also opening offices in Mumbai and Shanghai.