SoftBank Group is struggling to find startups in Latin America ready for major investments, underscoring how sharply the technology boom there has cooled since attracting record levels of venture capital only a few years ago.
As one of Japan¡¯s largest companies, SoftBank had helped channel billions of dollars to startups through dedicated Latin American funds. Now, it says there are fewer companies that meet the requirements for its preferred investments of $50 million or more.
It is evaluating a handful of potential targets and has no limitations on deploying capital, but as venture investors increasingly focus on artificial intelligence the pool of opportunities has narrowed, according to Alex Szapiro, managing partner and head of Brazil. The company has completed only two new deals over the past two years.
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