SoftBank Ventures Asia, headquartered in Seoul, has officially rebranded itself as SBVA, effective February 1st. This change came after The Edgeof acquired the venture capital firm from SoftBank Group Corp in June of last year. The transition is SBVA’s evolution under new ownership.
The rebranding coincides with the closure of SBVA’s latest fund, totaling $150 million. Known as the 2023 Alpha Korea Fund, this new fund boosts innovation and supports startups in the Korean market. Among the investors in the fund are prominent entities such as SoftBank Group, Hanwha Life, Nexon, KB Capital, Korea Development Bank, and Industrial Bank of Korea.
The recent establishment of the “2023 Alpha Korea Fund,” valued at 200 billion won, exceeds its initial target amount of 100 billion won.
The name change aims to strengthen the ongoing connectivity with partners, infrastructure, and portfolio companies cultivated over the past two decades. With a focus on financing early to mid-stage startups in fields like AI, robotics, and computing, SBVA aims to drive innovation across various sectors, particularly in enterprise software, healthcare technology, and industrial deep technology.
JoonyPyo Lee, CEO of SBVA, emphasized the firm’s resilience in navigating the venture investment landscape, expressing confidence in its ability to support entrepreneurs and drive impactful investment activities despite market challenges.
The fund’s success in surpassing its initial fundraising target reflects a part of SBVA’s investment strategy amidst challenging market conditions.
With a strong emphasis on supporting early to mid-stage startups, SBVA aims to leverage its extensive experience and global network to facilitate the international expansion of domestic startups.
Yoshimitsu Goto, Chief Financial Officer of SBG, expressed his thoughts on SBVA’s collaboration with The Edgeof, highlighting SBVA’s extensive expertise in startup investment spanning over two decades.
SBVA’s strategic vision in an evolving landscape of technological innovation is to become a firm as a catalyst for driving transformative change in various industries. By actively engaging in investment activities and listening closely to the needs of entrepreneurs, SBVA aims to empower startups to seize emerging opportunities and realize their growth potential.
Also Read:
