SoftBank Group

Tiger Global reportedly pours more than $1B into SoftBank, saying its shares are “undervalued”

Tiger Global has poured more than $1 billion into SoftBank Group, according to the Financial Times. The newspaper reports that the firm told investors SoftBank’s shares are “meaningfully undervalued.” In response to a request for comment, SoftBank sent the same statement to TechCrunch as other media outlets: “We continue to believe the market significantly undervalues our stock and we welcome the support from a sophisticated institutional investor like Tiger Global.” Tiger Global and SoftBank share several investments in common, including Alibaba, Flipkart and Uber. According to a quarterly investor letter obtained by the Financial Times, Tiger Global wrote that “the combination of a world-class set of assets trading at a record discount to net asset value strikes us as an odd anomaly that...

SoftBank Group and Saudi Arabia plan to spend $200 billion building the world’s biggest solar power plant

SoftBank Group Corp., known for splashy deals involving billions of dollars (see: its Vision Fund and investments in Uber and Didi), has signed a memorandum of understanding with Saudi Arabia to build a $200 billion solar power plant. Expected to reach its full capacity of 200 gigawatts by 2030, the development will be the largest of its kind in the world by far. According to data compiled by Bloomberg New Energy Finance, the Saudi Arabian project is about 100 times larger than the next biggest proposed development, the 2 gigawatt Solar Choice Bulli Creek PV in Australia, which is expected to be completed by 2023. During an event with Saudi Crown Prince Mohammed Bin Salman in New York City on Tuesday (pictured above), Son said the project will create 100,000 jobs, triple Saudi Arabia’s ele...

Global tech firms and investors are reshaping Latin America’s startup environment

Latin America is emerging as the new battleground for the global tech giants, and some of Silicon Valley and Asia’s biggest investors—from Sequoia Capital to SoftBank—are taking notice. International investment in Latin American startups has more than doubled since 2013, with 25 new investors entering the region in 2017 alone, including SoftBank, Didi Chuxing and TPG’s US$1B global impact fund, The Rise Fund. Some of Silicon Valley’s biggest names are now active in Latin America, including Andreessen Horowitz, Accel Partners, Founders Fund, Sequoia Capital, and Y Combinator, choosing deals opportunistically across financing stages and sectors: Andreessen Horowitz made its inaugural investment in Latin America in Rappi, a last-mile delivery service operating in Colombia, Mexico and Brazil, ...

Uber’s big SoftBank deal has officially closed

SoftBank’s $1.2 billion primary direct investment deal has officially closed, according to Uber itself, which confirmed the deal closure and provided the following statement to TechCrunch via a spokesperson: We’re proud to have SoftBank, Dragoneer and the entire consortium in the Uber family. This is a great outcome for our shareholders, employees and customers, strengthening Uber’s governance as we double down on our technology investments and continue to bring our services to more people in more places around the world. The Uber-SoftBank deal will also see payments for secondary sales processed and distributed throughout Thursday, the company confirmed, and the governance changes that Uber agreed to as part of the deal structure are also officially coming into effect today. That means th...

Softbank invests €460M in Germany’s Auto1 car dealer platform

Softbank’s Vision Fund has made another investment: The Japanese conglomerate has agreed to invest €460M in Berlin-based online car dealer Auto1. Auto1 confirmed the investment in a press release put out today, saying the deal values the company at €2.9BN. Around half of the investment is being made through the issue of new shares, it added. The FT reports that Softbank is taking a 20 per cent stake in Auto1 via this investment — though a spokesman for the fund declined to confirm the size of the stake. SoftBank’s Akshay Naheta is joining the Auto1 Group board following the investment. Commenting in a statement, he said: “Auto1 Group has built a fast growing, data-enabled platform introducing efficiency and transparency to the fragmented used car market, which is worth more than $300BN ann...

Mapbox adds makes another acquisition to bolster its navigation toolkits

Mapbox, the Softbank-backed developer of mapping applications that competes with Google Maps TomTom and Here, has acquired the intellectual property and developers behind MapZen’s Valhalla project in a bid to strengthen its navigation toolkits. The acquisition, made as Mapzen was winding down, brings the Valhalla development team in-house for a bargain price that Mapbox chief executive Eric Gunderson declined to disclose. “It’s one of those classic things where having a long-term relationship you become close to people and when shit starts going a little sideways, there’s an opportunity,” Gunderson told me of the acquisition. Through the work both companies had been doing on the Valhalla open source project, Mapbox’s developers had been collaborating with the team behind the project for ov...

A look back at Uber’s hellish year

Waymo drops most patent claims in Uber lawsuit In July, there were a few big breaks in the case between Waymo and Uber over self-driving car technology. As a result, the scope of the case started to come into focus as both companies began preparing for a trial set to begin in October. Waymo, the self-driving technology arm of Google parent Alphabet, filed the lawsuit in February, alleging theft of trade secrets that Uber planned to use in its autonomous vehicles. The on-going case centers around engineer Anthony Levandowski, who Waymo claims stole 14,000 documents before leaving the company and founding Otto, a self-driving trucking company, which Uber later acquired. Waymo decided to drop its claims on U.S. Patent Nos. 8,836,922, 9,285,464 and 9,086,273, noting that they were related to a...

Sequoia is looking to raise a $5 billion investment fund

 Sequoia Capital is looking to raise a $5 billion investment fund. The legendary Silicon Valley venture firm, known for its stellar investment returns, is in the early stages of raising its next global growth fund. Recode’s Kara Swisher first reported the news of the fund. She’s hearing that Sequoia is targeting $5 to $6 billion. We’re hearing that right now it’s… Read More