The Inter-American Development Bank Group (IDB) and SoftBank Group International have announced a partnership to support the development of the start-up ecosystem in Latin America and the Caribbean at the IDB’s 60th anniversary seminar.
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.
IDB pointed out that its partnership with SoftBank forms part of its efforts to facilitate the consistent and continuous entry of international players in the region’s markets.
As such, both parties will work together to leverage financing, knowledge, and connections to enhance support to start-ups and the innovation ecosystem at large, which is important for the IDB Group as it is working to drive innovation that promotes more inclusive growth in the region.
“This strong partnership will …lead to new investment opportunities for the region’s most promising technology companies.”— Marcelo Claure, CEO of SoftBank Group International
“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 advise 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 start-ups. The company’s recently launched Tech Hub aims to help SoftBank-backed companies expand their operations via joint ventures and strategic partnerships in the region.
IDB Group has been supporting the start-up and investor ecosystems in Latin America and the Caribbean and will continue to foster its growth. Through the IDB Lab, the group 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.