SoftBank mulls bringing in 40 companies in Brazil

FILE PHOTO: The logo of SoftBank Group, Corp, is displayed at the SoftBank World in 2017 conference to be held in Tokyo, Japan, on July 20, 2017. (REUTERS photo/Issei Kato/File Photo

SAO PAULO (Reuters) – the japanese SoftBank Group Corp plans to spend around 40 companies with high growth potential in Brazil and is expected to announce a major investment in the country in about two weeks, the group of the cup, in Brazil, André Maciel said on Friday.

“We have about 40 companies that will be fit in Brazil,” he said at an event in the Cubo, to a technology hub funded by Itaú Unibanco, the largest private bank in Latin America.

SoftBank is to invest in numerous companies all over the world, including a number of which are already operating in Brazil, such as the united states, office-sharing startup WeWork.

Maciel, a former managing director of JPMorgan in Brazil, was added to Softbank’s plans to publish a major investment in the country over the next two weeks. He did not elaborate on it.

The Japanese group is a market-leading, multi-million dollar investments in Latin America since March, when it announced the creation of a $5 billion fund, targets, technological development projects in the region.

SoftBank has made an investment of $1 billion for Colombian delivery, startup, Rappi, $150 million in the app-based startup Loggi, and $250 million in its rental platform-Quinto Andar. It has also acquired a 15% stake in the Bank, the Inter.

“Brazil still has room for more unicorns,” said Maciel, a reference to the start-ups valued at more than $1 billion. He added that SoftBank sees opportunity in Brazil, health care, logistics, transportation, and agribusiness, among other areas.

Reporting by Aluisio Alves in Sao Paulo; Writing by Gabriela Mello; Editing by Matthew Lewis

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