Sprint parent company to invest $50B in U.S. startups
December 7, 2016 | Bobby Burch
The billionaire behind Sprint’s parent company plans to unload some serious investment capital in American startups.
After a meeting with President-elect Donald Trump, SoftBank CEO Masayoshi Son announced that he plans to invest $50 billion in U.S. startups that will create tens of thousands of jobs in the next four years, according to the Associated Press. SoftBank purchased a majority of Overland Park-based Sprint in 2013 for $22 billion.
“We are going to invest $50 billion in the U.S. and commit to create 50,000 new jobs,” Son said. “We (will) invest into the new startup companies in the United States.”
While Trump appeared to take credit for the announcement, the prospective capital derives from a previously announced $100 billion fund. SoftBank in October announced that it partnered with a Saudi Arabian wealth fund to launch a $100 billion tech fund. The Wall Street Journal reports that SoftBank has poured more than $45 billion into tech investments alongside co-investors over the past two years. SoftBank owns more than 235 companies and more than 100 affiliates.
Son’s meeting with Trump sets the stage for what could be another attempt by SoftBank to acquire T-Mobile and merge it with Sprint. U.S. regulators thwarted that attempt in 2015, however, a Trump administration may be more open to the idea.
2016 Startups to Watch
stats here
Related Posts on Startland News
KCRise Fund makes first area investments in SpiderOak, Innara Health
Only a few weeks after closing on its first $10 million, the KCRise Fund announced Wednesday that it has invested in its first Kansas City-area companies. Launched in February in conjunction with the KC Rising economic initiative, the KCRise Fund is joining ongoing investment rounds in SpiderOak and Innara Health. The fund, led by Darcy…
Magic Johnson, David Stern headline $5M round in ShotTracker
A sojourn to the City of Angels has taken on magical meaning for ShotTracker. The Merriam-based firm announced Wednesday that basketball legend Earvin “Magic” Johnson and former NBA Commissioner David Stern are among a group of investors that have injected $5 million into its coffers. The duo of high-profile investors will help accelerate the wearable…
Successful VideoFizz campaign supports breast cancer awareness, research
One Kansas City startup is recognizing breast cancer awareness month through a promotion to support the American Breast Cancer Foundation. This October, VideoFizz is encouraging users to create a video on their platform to let someone special know you are “pinking” of them, raising awareness and support for the foundation. Whether it’s celebrating survival, uplifting…
Events Preview: Sports Hack for Social Change
There are a boatload of entrepreneurial events hosted in Kansas City on a weekly basis. Whether you’re an entrepreneur, investor, supporter, or curious Kansas Citian, we recommend these upcoming events for you. WEEKLY EVENT PREVIEW Kansas City Women in Technology October TechTalk When: October 19 @ 6:00 pm – 8:00 pm Where: SoPro Gaming We…