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
A vibrant arts culture leads to innovation and why hometown investors are vital
Here’s this week’s dish on why the arts community shouldn’t be a benched player on the sidelines of a city’s economy game; the importance of hometown investors to thriving startup communities; and what universities are doing to keep the talent pipeline strong for an entrepreneurial future. Check out more in this series here. The Atlantic…
ClaimKit snags $1.8M from local VC Flyover Capital
Insurance tech startup ClaimKit is tapping an area venture capital fund to help launch its second software offering that quickly analyzes policies. The company raised $1.8 million to launch RiskGenius, which helps to identify and categorize insurance clauses in commercial policies. Leawood-based venture capital firm Flyover Capital led the round, which included participation from the…
Arredondo: The Economist documentary, recent press great for Kansas City
It’s no secret that I’m a total homer for Kansas City. I truly believe that we have the opportunity and ability to become a world-class, 21st-century city. With that being said, I’ve been known to hyperbolize when it comes to the promise I see in Kansas City. But recently, our city has sold itself with…
Is 2016 the last year for Kansas’ angel tax credits?
A popular investor tax credit program in Kansas is likely to sunset after 2016 thanks in part to a budgetary crisis that’s forcing the Sunflower State to broadly tighten its financial belt. Launched in 2005, Kansas Angel Investor Tax Credit Program offers a 50 percent income tax credit to qualified angel investors that invest up…