September 30, 2019 / 2:10 PM / 17 days ago

Softbank partners with IADB to co-invest in Latam startups

SAO PAULO, Sept 30 (Reuters) - Japan’s Softbank Group Corp has partnered with Inter-American Development Bank to discuss co-investment opportunities in Latin American startups.

Both said in a statement the aim is to share regional and technical knowledge and co-invest in growth and late-stage startups.

Softbank has dramatically raised the amount of capital available to Latin American startups with its $5 billion regional fund launched in March. The fund has invested in delivery app Rappi, fintech Creditas and digital bank Inter SA .

Irene Arias, Chief Executive of the IDB’s innovation laboratory IDB LAb, said Latin America has reached an “inflection point”, with continuous entry of international players in the region’s markets. IDB will provide advice to Softbank on corporate governance, environmental and social practices.

Marcelo Claure, CEO of Softbank Group, said in the statement the Japanese group sees a “more vibrant ecosystem for entrepreneurship across Latin America and the Caribbean.” Softbank has recently launched a Tech Hub to help Softbank-backed companies in other regions to expand in Latin America through joint ventures and strategic partnerships. (Reporting by Tatiana Bautzer and Carolina Mandl, Editing by Franklin Paul)

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