SG investor to acquire SoftBank Ventures Asia

Photo credit: SoftBank

The Edgeof, a Singapore-based VC firm, is set to acquire SoftBank Ventures Asia to establish a pan-Asian ecosystem for startups. The acquisition is pending regulatory approval and is expected to be completed within the year, according to a statement.

SoftBank Ventures Asia is the venture arm of SoftBank Group. Following the acquisition, a new brand identity will be introduced. This new initiative will focus on supporting and developing “game-changing startups” across Asia.

No amount was publicly disclosed.

The new entity will establish multiple funds that support different stages of a startup’s life cycle.

The Edgeof is led by Taizo Son, the youngest brother of SoftBank chairman Masayoshi Son, and Atsushi Taira. Both previously worked at Mistletoe, a Japanese ecosystem builder. Mistletoe has a portfolio of over 170 startups focused on social and environmental sustainability.

In February, SoftBank saw a net loss of 783 billion yen (roughly US$5.9 billion) for the third quarter of financial year 2022 as its venture funds continued to struggle.

See also: Plotting out SoftBank’s 2023 India roadmap

Note: This article was written with the help of AI. Don’t worry, humans were still involved in producing this story.

Currency converted from Japanese yen to US dollar: US$1 = 133.65 yen.