SoftBank Expands LatAm Investment with New Partners

SoftBank Bolsters Latin American Investment with New Leadership

In March of 2019, SoftBank Group International initially announced the SoftBank Innovation Fund, committing $2 billion to investments within technology startups situated in Latin America.

Significant developments have occurred since that initial announcement. The fund’s name was subsequently altered to the SoftBank Latin America Fund, commonly referred to as the LatAm Fund. The Japanese investment firm has substantially increased its investment activity in the region, mirroring a trend observed among numerous other global investors.

Venture capital firms invested approximately $6.2 billion into Latin American startups during the first six months of 2021, demonstrating the growing interest in the region.

New Managing Partners Join the LatAm Fund

Demonstrating its ongoing dedication to Latin America, SoftBank Group has revealed the addition of two new managing partners to its LatAm Fund team: Rodrigo Baer and Marco Camhaji. These appointments were made to focus on “identifying and supporting” companies in their early stages of development throughout Latin America, as confirmed to TechCrunch.

Baer and Camhaji will report directly to Marcelo Claure, SoftBank’s Executive President & COO. Claure highlighted that the LatAm fund has already invested in over two-thirds of the nearly two dozen unicorns currently operating within the region.

He further stated that SoftBank is now considered “one of the largest and most active” technology investors in Latin America today.

Expanded Investment Scope

This strategic move signifies an expansion of the SoftBank LatAm Fund’s investment mandate. The firm is now positioned to support companies at all stages of growth within the region.

According to Claure, the addition of Baer and Camhaji will enable SoftBank to “better identify high-growth companies and support them throughout their entire lifecycle.”

Introducing Rodrigo Baer and Marco Camhaji

SoftBank characterizes Baer as a key figure in the development of Brazil’s venture capital landscape. Since 2010, he has participated in investments in over 20 companies.

He co-founded Warehouse Investimentos in 2010, where he spearheaded deal-sourcing initiatives. In June 2014, he joined Redpoint eVentures, a LatAm-based early-stage venture capital fund, as a member of the investment team.

Prior experience includes roles as an engagement manager at McKinsey and work with Aurora Funds, a U.S.-based fund specializing in healthcare services. He is also actively involved with Endeavor and various angel investor groups.

Camhaji previously held the position of business development principal at Amazon, where he cultivated strategic alliances with fintech companies in Latin America. He also served as CEO of Adianta, a Brazilian B2B invoice financing company.

Before joining SoftBank, Camhaji was a founder and partner at Yellow Ventures, focusing on seed investments in technology startups. He also served as a partner and CFO at Redpoint eVentures.

A Focus on Inclusion Over Disruption

In August, Shu Nyatta, a managing partner at SoftBank and co-leader of the $5 billion Latin America Fund, emphasized a key dynamic often overlooked: technology in Latin America frequently centers on inclusion rather than disruption.

Nyatta explained to TechCrunch that a significant portion of the population lacks access to essential services and modern software solutions. He stated that entrepreneurs in the region are focused on building solutions for a broad range of individuals and businesses.

He contrasted this with the San Francisco venture ecosystem, which often aims to improve the lives of those already benefiting from technological advancements.

Recent SoftBank Investments

Here are some recent investments made by SoftBank in the region:

• Kavak: A used car marketplace operating in Mexico, Brazil, and Argentina, comparable to Carvana for emerging markets.
• Rappi: A Latin American delivery service combining elements of DoorDash and Instacart.
• QuintoAndar: A Brazilian real estate marketplace.
• Creditas: A Brazilian platform unlocking equity from homes and vehicles.
• Gympass: A marketplace for fitness and wellness benefits offered to employees through businesses.

With continued capital influx from global investors, SoftBank is demonstrably increasing its commitment to backing startups in Latin America. The firm recently announced the launch of the SoftBank Latin America Fund II, a second dedicated private investment fund with an initial $3 billion commitment focused on tech companies in LatAm.