Softbank unveils $500m Softbank Acceleration Fund March 11, 2019 Softbank has launched a new global tech fund with up to $500m (£384.68m) to pour into early-stage startups. Read more: Softbank's Vision Fund pump $940m into robotics firm Nuro The Japanese telecoms giant could launch the Softbank Acceleration Fund as early as next month, according to Reuters. The new fund – a rebrand of Seoul-based [...]
UK Space Agency fires £18m into Oneweb for a global communications network in space February 18, 2019 The UK Space Agency has invested £18m into building a new global communications network in space, provided by Softbank-backed London satellite firm Oneweb. Named Project Sunrise, the system will initially be comprised of around 650 satellites, before expanding to more than 900 satellites over time. While on a visit to the European Space Agency today, science [...]
Softbank plugs $200m into European-focused Abu Dhabi tech fund February 18, 2019 Japanese investment giant Softbank is said to have stumped up half of the cash for Abu Dhabi state investor Mubadala's new $400m (£309.5m) fund for European tech startups. Mubadala, which has conversely contributed around $15bn to Softbank's $100bn Vision Fund, said last week that its venture arm would be launching the $400m tech fund this year. The move will involve a number of Mubadala's [...]
UK fintech unicorn Oaknorth to nail $440m round led by Softbank February 7, 2019 Japanese mega investor Softbank has led a $440m funding round in savings challenger Oaknorth, investing in the company via its $100bn Vision Fund. City A.M. understands the Clermont Group also participated in the round, which is expected to close tomorrow morning. The funding will be used to expand Oaknorth's SME loan origination and credit capabilities to banks and [...]
Softbank to launch £4.2bn share buyback as profits soar February 6, 2019 Softbank has unveiled a ¥ 600bn (£4.2bn) share buyback scheme today, as its wide-ranging portfolio of tech investments provided a boost to quarterly profits. The Japanese technology and telecoms giant said it would buy 112m shares over the next 11 months, which equates to about 10.3 per cent of its total outstanding shares. Chief executive Masayoshi [...]
Softbank Vision Fund sells entire stake in struggling chipmaker Nvidia February 6, 2019 Softbank’s Vision Fund has sold its stake in chipmaker Nvidia, which saw shares plummet after it cut its fourth quarter revenue estimate by $500m last week. In Softbank’s third quarter report it revealed that the drop in Nvidia’s share price following the forecast cut reduced the fund’s valuation gain by ¥299.5bn (£2.11bn). Read more: Chipmaker [...]
Telecoms tycoon Sunil Mittal plots £6bn Airtel Africa float in welcome boost for City February 3, 2019 Indian telecoms mogul Sunil Mittal is eyeing an $8bn (£6.1bn) float of Airtel Africa in a much-needed boost for London listings. The billionaire boss of Bharti Airtel, the second-largest mobile operator in India, is planning an initial public offering (IPO) of the company’s Africa division later this year, the Sunday Telegraph reported. Read more: London listings [...]
Wework to rebrand as The We Company in business structure overhaul, turning its eyes to fintech January 8, 2019 Shared workspace provider Wework is rebranding itself as The We Company, as the firm aims towards a more diversified business portfolio. To be announced at an internal company conference later this week, The We Company will become the parent to several offshoots, including Wework as its main office provider. Others include its residential unit Welive, and an [...]
Softbank shares up on reports it will scale back Wework investment amid tech rout January 8, 2019 Shares in Softbank rose more than five per cent this morning following reports it has scaled back its new investment in Wework. The Japanese conglomerate reportedly plans to invest $2bn (£1.6bn) into the shared workspace startup, down from the original sum of $16bn. The investment will no longer involve Softbank’s prolific $100bn Vision Fund, the [...]
CES 2019: Tech firms set to chase Vegas lights for gadget bonanza January 6, 2019 This week marks the dawn of CES 2019, an annual trade show held in Las Vegas where startups and tech giants alike debut some of the world’s hottest new gadgets. Following on from last year’s most popular trend, voice assistants and artificially intelligent products are expected to take centre stage. Samsung is thought to be [...]