‘Millionaire’ founder of US-based hedge fund to invest $1 billion in startup, tech start-ups
In a surprise move, the billionaire co-founder of a venture capital fund has pledged to invest up to $1.2 billion in a new venture that aims to help the young upstart startups in America.
The SoftBank Vision Fund will be formed to help fund startup companies like the recently launched Hipster Squad, a platform for sharing tips and ideas on new products, according to its website.
The Softbank Vision Fund is the largest private venture capital venture fund in the US.
Its aim is to help these startups expand their user bases and get better customer service.
SoftBank is an investment firm that owns a stake in some of the most innovative startups in the world including Twitter, Instagram and Netflix.
But the fund is also seeking to attract outside investment to its new venture, a SoftBank spokesperson said in a statement.
“The Vision Fund aims to build new, better-resourced and faster-growing companies,” the spokesperson said.
It said the fund’s goal is to create new jobs in the industry by providing investors with a safe investment vehicle for startups.
A previous SoftBank investment in the venture capital firm was $300 million, which was part of the fund that created the startup Snapchat.
While there is no specific fund for startups, SoftBank’s investment has raised concerns in the past.
In December, the company was hit with a $2.2bn lawsuit from Twitter, which accused the social media company of illegally blocking its account to stop the sharing of users’ private information, which included their names, email addresses and location.