The Inter-American Development Bank Group (IDB) and SoftBank Group International have announced a partnership at the IDB’s 60th anniversary seminar to support the development of the startup ecosystem in Latin America and the Caribbean. The memorandum of understanding outlines plans to share regional and technical knowledge, as well as co-investment opportunities for growth- and late-stage companies.
“IDB Invest sees the power of technology to transform markets and achieve the Sustainable Development Goals in the region. We admire SoftBank’s leadership in fostering the next generation of technology-enabled businesses. By collaborating with SoftBank, IDB Invest highlights our strategic focus on scalable solutions that will take our impact from linear to exponential,” remarked James P. Scriven, CEO, IDB Invest.
“For over two decades, IDB Lab has played a leading role in developing the venture capital industry in Latin America and the Caribbean, investing more than US$300 million since the mid-1990s. Our efforts have been instrumental to get to the inflection point where we are today: a consistent and continuous entry of international players in the region’s markets. This partnership with SoftBank, a prominent company born in Japan, is part of this phenomenon,” said Irene Arias, CEO of the IDB Group’s innovation laboratory IDB Lab. “Together, we are leveraging financing, knowledge, and connections to enhance support to startups and the innovation ecosystem at large, which is an important step forward for the IDB Group as it works to drive innovation that promotes more inclusive growth in the region.”
“We share the IDB Group’s vision toward a more vibrant ecosystem for entrepreneurship across Latin America and the Caribbean,” said Marcelo Claure, CEO of SoftBank Group International. “This strong partnership will promote better information sharing across the public and private sectors, advance important education initiatives, and lead to new investment opportunities for the region’s most promising technology companies.”
As part of this partnership, the IDB Group will provide advice to SoftBank on environmental, social and corporate governance practices, in addition to strategic connections with its trusted network of public and private sector stakeholders in the region. SoftBank Group’s Latin America fund has invested billions of dollars in some of the region’s most promising startups, and its recently launched Tech Hub aims to help SoftBank-backed companies expand their operations via joint ventures and strategic partnerships in the region. At the same time, the IDB Group has been supporting the startup and investor ecosystems in Latin America and the Caribbean and will continue to foster its growth.
About the Inter-American Development Bank (IDB) Group
The IDB Group is the leading source of development finance for Latin America and the Caribbean. It helps to improve lives by providing financial solutions and development know-how to public and private sector clients. The group comprises the IDB, which has worked with governments for 60 years; IDB Invest, which serves the private sector; and IDB Lab, which tests innovative ways to enable more inclusive growth.
About SoftBank Group
The SoftBank Group invests in breakthrough technology to improve people’s quality of life around the world. The SoftBank Group is comprised of SoftBank Group Corp. (TOKYO: 9984), a holding company that includes telecommunications, internet services, AI, smart robotics, IoT and clean energy technology providers; Arm Limited, the world’s leading semiconductor IP company; and the SoftBank Vision Fund, which is investing up to $100 billion to help extraordinary entrepreneurs transform industries and shape new ones.