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(L-R) Open Opportunity Fund’s partners Marcelo Claure and Paul Judge.Image Credits:SoftBank
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SoftBank is betray its Open Opportunity Fund to its chairwoman and managing collaborator , Paul Judge , and Marcelo Claure , who is being appointed the investment firm ’s vice president and general cooperator .
Judge and Claure will fully own the firm ’s $ 100 million Open Opportunity Fund 1 , the $ 150 million Fund 2 , as well as the entire portfolio . Fund 2 , launched earlier this twelvemonth , will also increase its target to $ 200 million .
Claure called the acquisition a “ significant milestone , ” saying it “ demonstrates a concrete move towards more diverse theatrical performance within all layer of the venture capital letter ecosystem . ”
SoftBankrebrandedits Opportunity Growth Fund to open up Opportunity Fund ( OOF ) sooner this class , and appoint Judge as its chairman , who became co - proprietor of the Fund . Claure , who initially launch OOF , antecedently served as SoftBank ’s COO until 2022 and is repay to exploit with the fundaround a yearafter he step away .
Judge said Claure is still very active in the speculation ecosystem , and has remained a member of the store ’s investment committee . “ Marcelo add a wealth of experience and a vast electronic connection that can help our portfolio companies . Marcelo ’s encompassing internet of Latino entrepreneur significantly enriches our deal menstruum within this vivacious biotic community , ” Judge said .
SoftBank launches unexampled stock to raise and gift $ 150 million in Black and Latino - led startups
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Fund 1 deployed $ 100 million in 75 smutty and Latino party , yielding seven issue and 46 follow - on rhythm . SoftBank will be an LP in Fund 2 , and Claure pronounce the store is looking for investor seek to drive more diversity in the technical school ecosystem , and who “ prise the grandness of stick out underrepresented entrepreneurs . ”
investment company 2 will endue in 50 pre - seed- to growth - stage companies in fintech , health technical school , edtech , sales and marketing , and enterprise IT . Fund 1 companies may also have backing from Fund 2 on a “ font - by - character ground , ” Judge said .
“ We believe the Black and Latino founder marketplace is an untapped source of outsized returns and this focussing allows us to find alpha that other VCs have overlooked , ” Judge said . “ The strong performance of Fund I proves that thesis work . ”
