softbank partners with inter-american development bank to support regional startups
Contxto – Earlier today, the Inter-American Development Bank (IDB) and SoftBank Group International announced a new strategic alliance. Occurring on IDB’s 60th anniversary, the collaboration reportedly aims to advance the Latin American and Caribbean startup ecosystem.
Partnership memo
According to today’s memorandum, the newfound partners plan to share regional and technical knowledge with one another. Part of this will also entail co-investment opportunities. In fact, the alliance will mostly seek to support scaling and later-stage companies.
“IDB Invest sees the power of technology to transform markets and achieve the Objectives of Sustainable Development in the region,” said James P. Scriven, CEO of IDB Invest. “We admire SoftBank’s leadership in promoting the next generation of technology companies.”
By collaborating with SoftBank, IDB Invest highlights our strategic focus on scalable solutions that will take our impact from linear to exponential.
James P. Scriven, CEO of IDB Invest
Latin American and Caribbean development
There’s no denying that IDB is one of the most relevant players in the regional ecosystem. For over 20 years, the institution has led the development and consolidation of venture capital in Latin America and the Caribbean. Furthermore, it has deployed more than US$300 million since the mid-1990s.
“Our efforts have been fundamental to reach the turning point where we are today: a constant and continuous entry of international players in the region’s markets,” said Irene Arias, CEO of the IDB Group’s Innovation Laboratory. “This partnership with SoftBank, an important company born in Japan, is part of this phenomenon.”
Together, we are leveraging financing, knowledge and connections to improve support for startups and the innovation ecosystem in general, which is an important step for the IDB as it works to boost innovation that promotes more inclusive growth in the region .
Irene Arias, CEO of the IDB Group’s Innovation Laboratory
Even the CEO of SoftBank Group International, Marcelo Claure, hails the pairing as mutually beneficial.
“We share the vision of the IDB Group towards a more dynamic ecosystem for the entrepreneurship in Latin America and the Caribbean,” said Claure.
According to the Bolivian executive, this new partnership will not only optimize the exchange of information between private and public entities but generate new investment opportunities. On top of that, it will support important educational initiatives throughout the ecosystems.
Best practices
As part of the collaboration, IDB will advise SoftBank on the best environmental, social and corporate governance practices. In this regard, it will provide strategic connections from its stakeholder network to the megabank. Within this group are participants from both the public and private sectors interested in the region.
In my opinion, both SoftBank and IDB have demonstrated their eagerness to invest and boost the ecosystem. At least for me, it’s apparent that strengthing these regions is one of their primary concerns. As they seek to create long-lasting synergistic partnerships such as this, it becomes increasingly more noticeable.
-VC
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