SoftBank Group Corp. said early on Friday that it will invest into technology sector through a tech investment fund in partnership with Saudi Arabia.
The Japanese internet and telecommunications company and the Public Investment Fund of Saudi Arabia consider investing $25 billion and $45 billion respectively over the next five years, which will lead to creation of one of the largest tech investment funds in the world.
The fund’s base will be in London and it will be named SoftBank Vision Fund. SoftBank also said it is negotiating with a few more investors that could help the fund to reach $100 billion. The release did not specify whether the fund would focus on start-ups or mature tech firms.
Image: EPA / Kiyoshi Ota
