SoftBank Group will sell its early-stage venture capital arm SoftBank Ventures Asia to The Edgeof, a newly formed investment firm helmed by Son’s youngest brother, Taizo Son, as the tech conglomerate grapples with steep losses.
The deal, for an undisclosed sum, is slated to be completed later this year, pending regulatory approval, SoftBank Group and The Edgeof announced Wednesday. The Singapore-based firm was cofounded in March by Taizo Son, founder of Japanese venture capital firm Mistletoe“We are excited to commence this new journey with The Edgeof,” said Joonpyo Lee, CEO of SoftBank Ventures Asia, in a.
Based in Seoul, SoftBank Ventures Asia oversees approximately $2 billion in assets under management, targeting tech fields such as AI and smart robotics. Its investments include