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
Amazon to bring 1,000 jobs, huge facility to KCK
Online retail giant Amazon will open a massive new facility in Kansas City, Kan. The Seattle-based company announced Monday that it will create more than 1,000 full-time jobs and construct an 855,000-square-foot fulfillment facility near the Turner Diagonal on I-70 in Kansas City, Kan. “These aren’t just any jobs. They are the best entry-level jobs our…
Survey: KC is sticky for startups with equity funding
A majority of Kansas City startups choose to maintain their hometown roots after they raise capital — even when the funds come from outside investors, a recent survey found. Of the companies that raised money in 2013 and 2014, 74 percent of them are still active and headquartered in the City of Fountains, according to…
A marriage of Mr. K’s passions, ‘E Day at the K’ returns July 19
To say one of Kansas City’s greatest entrepreneurs — Ewing Marion Kauffman — loved baseball would be an understatement. The founder of Marion Laboratories Inc., Kauffman purchased the Royals in 1968 to bring America’s pastime to his beloved hometown, Kansas City. Along with boosting civic pride, the Royals became a model franchise, employing “moneyball” statistical…
Sprint Mentor Network triples its impact with local startups
More than 20 Kansas City founders are hoping to boost their businesses with a mentor program tapping a wealth of corporate experience. Now in its fourth year, the Sprint Mentor Network kicked off its program in July to support and accelerate startups by building relationships with corporate executives. The program is hosted at the Sprint…