SoftBank earmarks $100 million for Miami-based startups – TechCrunch

Emerging startup hub Miami has a new check-writer in town: SoftBank. The Japanese multinational conglomerate today announced plans to invest $ 100 million, pulling from its funds and joining Miami-based Startups. In particular, SoftBank’s $ 5 billion Latin America Fund is headquartered in Miami, as well.

The initiative is led by Softbank CEO Marcelo Claire. The fund will return companies that are in Miami or are planning to move there.

Softbank’s investigation comes somewhat from the rite of Silicon Valley, so the firm’s involvement in the scene would signal to others that Miami’s growth is to be taken seriously. The tax-free haven is attracting swahs of investors and founders from across the country who are joining the growing scene. Relocators include Keith Rabos of Founders Fund, David Blumberg of Blumberg Capital, Chris Dixon of Andreessen Horowitz and David Sachs of Craft Ventures.

Miami Mayor Francis Suarez, who has been on a Twitter tear Asking Techies to move to Miami, efforts to convert the city into a startup epicenter have gained momentum.

Reuben Harris, founder of Career Karma, is working with Suarez Since 2018 To help people break into technology.

“Now that SoftBank has taken this step, we will see that more funds will follow their example and this is a huge win for diversity not only from a race standpoint, but also from a socioeconomic point of view and gender. “Harris said, who’s thinking about going to town. Carrier Karma is currently working with VC funds to help train an older workforce to get older laptops in their Reskill America program In Miami.

Monica blackWhich is behind a Miami-based nonprofit investor syndicate hopes Softbank’s entry will “not only increase the amount of capital going to local startups and help them move into the Series A phase and beyond, but Others will also attract institutional. VC as co-investors Historically, she said, it is difficult for local startups to raise capital from Silicon Valley or New York funds. The exceptions were Papa, who introduced older adults from Sound Ventures and Canaan It raised $ 18 million in September to connect with virtual peers.

Niko BeardyThe founder of Miami-based fund ANIMO Ventures linked the new SoftBank initiative to the recent announcement by the Founders Fund of San Francisco to open an office in Miami.

“Both are symbolic and I think symbols matter,” Berardi said. “[They] Placing a flag here and saying that this is a viable scene. Of its 16 portfolio companies, Birdie says only one startup is based in Miami. With more and more investors moving into the city, Berardi is optimistic that it can also magnetize more talent to move.

“I hope it can attract tens or hundreds of founders to build their next thing in Miami,” he said.