SoftBank sells SBVA to Singapore investment company The Edgeof

2023-04-13 18:31:09

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ChainCatcher news, according to TechCrunch, SoftBank is selling its venture capital division in Korea, SoftBank Ventures Asia (SBVA), to Singapore-based venture capital firm The Edgeof. This acquisition comes after SoftBank and its Vision Fund faced significant losses amid a tech downturn and macroeconomic slowdown. The financial terms of the deal have not been disclosed, but The Edgeof aims to complete the acquisition this year.

The Edgeof was founded last month by SoftBank CEO Masayoshi Son's brother Taizo Son and Mistletoe Managing Director Atsushi Taira, with the goal of transforming the startup ecosystem across Asia through αStartups (using advanced technology to solve fundamental problems in the world).

SoftBank Ventures Asia has approximately $2 billion in assets under management (AUM) and invests in many companies across Asia, including the South Korean home application OHouse, the Japanese sneaker resale platform SODA, the Indonesian cloud kitchen startup Yummy, and the hyper-localized social commerce company Super. (source link)

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SBVA The Edge of Taizo Son

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