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
KC Startup Foundation aims to unify early-stage biz community
Leaders of the Kansas City Startup Village are maximizing their volunteer efforts with the establishment of a foundation that hopes to unite startups and entrepreneurs in the area. Formalized in October as an official 501(c)3 public charity, the Kansas City Startup Foundation grew out of the village’s need for more external support and resources. Founded…
‘Happy we don’t have to leave’ Little Hoots’ $450K raise will keep KC home
Once on the verge of departing its hometown, Kansas City-based Little Hoots recently raised funds to boost development of its app, allowing the startup to remain in the City of Fountains. Led by CEO Lacey Ellis, Little Hoots’ memory-keeping app struggled to find traction with Kansas City area investors, which nearly forced the company to…
Funding roundtable: ‘You can’t fake it’ and more funding advice from KC founders
Your company is steadily growing, but it looks like you’re nearing a plateau. Perhaps your startup is doing just fine, but a well-heeled competitor just entered your market and slapped a target on your customers. Or maybe you’ve got a solid idea but little dough to get it off the ground. Regardless of the case,…
Techstars firms to spread local roots via Brad Feld’s Kansas City home
More graduates of the Techstars-led Sprint Mobile Accelerator may be calling Kansas City home thanks to venture capitalist Brad Feld. Feld, co-founder of the international accelerator program Techstars, is making his Kansas City, Kan. home available to graduates of the local Techstars program rent free. “I’m very happy with how things have gone to date,”…