Apple, Foxconn, Qualcomm hop on board the world’s biggest VC fund.
Softbank’s ambitious venture capital fund has brought to an end its first funding round, raising $93 billion (€82.7 billion).
The Softbank Vision Fund’s new investors include Apple, Foxconn, Qualcomm, Sharp, and the U.A.E.’s Mubadala Investment company. They join the Public Investment Fund of the Kingdom of Saudi Arabia, and Softbank, which has committed to invest $28 billion into the fund.
Part of that $28 billion contribution includes a 24.99% stake in chip designer ARM, which equates to $8.2 billion.
"Technology has the potential to address the biggest challenges and risks facing humanity today. The businesses working to solve these problems will require patient long-term capital and visionary strategic investment partners with the resources to nurture their success," said Softbank CEO Masayoshi Son, in a statement on Saturday.
Unveiled in October 2016, the fund aims to complete its final funding round within six months with a view to reaching its target of raising $100 billion in total. It will be the world’s biggest venture capital fund.
When up and running, it will have a broad scope that encompasses the following sectors: the IoT; AI; robotics; mobile applications and computing; communications infrastructure and telecoms; computational biology and other data-driven business models; cloud technology and software; consumer Internet businesses; and financial technology.
"Softbank has long made bold investments in transformative technologies and supported disruptive entrepreneurs. The Softbank Vision Fund is consistent with this strategy and will help build and grow businesses creating the foundational platforms of the next stage of the information revolution," Son said.