Softbank Shifts Latin America Plan With New Early-Stage Spinout, Upload Ventures
By Natasha Mascarenhas, Mary Ann Azevedo
SoftBank Latin America Fund announced today that it is spinning out its early-stage Latin American investment arm into a new autonomous entity, dubbed Upload Ventures.
The new fund will back early-stage companies in the region at a pace of about $100 million per year.
Last September, TechCrunch exclusively reported on the hiring of Rodrigo Baer and Marco Camhaji as part of the fund’s strategy to focus more on early-stage investing in the region. At that time, SoftBank said that the pair would be reporting to then-COO Marcelo Claure, who resigned earlier this year over a compensation dispute with SoftBank founder and CEO Masayoshi Son.
Photo courtesy of diema.