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
Kauffman Foundation, Uber launch grant contest for women-led startups
Female entrepreneurs in Kansas City may not have the luxury of riding a “glass escalator,” but on Oct. 26 they can take an Uber ride for a chance at $120,000. The Ewing Marion Kauffman Foundation on Tuesday announced UberPITCH, a nationwide pitch competition in partnership with Uber and business accelerator The Refinery. Women-led startups will…
5 glimpses into Uber VP Brian McClendon’s crystal ball
Brian McClendon — vice president of maps and business platform at Uber — may reside in Silicon Valley, but his roots are here in the prairie. Originally from Lawrence, Kan., McClendon graduated from the University of Kansas with a degree in electrical engineering and now serves on several advisory boards for his alma mater. Sporting…
EyeVerify sells to Alibaba affiliate for more than $100M
In what represents one of the metro’s most notable exits in the last decade, Kansas City-based startup EyeVerify announced Tuesday that it has been acquired. Ant Financial — the payments affiliate of Alibaba Group Holding — purchased EyeVerify for more than $100 million, according to an unnamed local source familiar with the deal. Ant Financial…
Google Express offering delivery services in Kansas City
As part of a massive Midwestern expansion, Google Express is offering its services in Kansas City. Google announced Tuesday that it’s now offering delivery services to more than 40 million new Midwest customers after its debut in 2013. Google Express — an online marketplace that connects shoppers with retailers — provides delivery services of…