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Internet Daily Europe Softbank to invest $1 billion in Europe
By Liza Roberts, CBS MarketWatch
Last Update: 6:11 AM ET Mar 8, 2000 Listen to Internet Daily
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They're starting to pop up like the crocuses in Hyde Park. New European Internet start-up investment funds are beginning to carpet the region, bringing hundreds of millions of dollars at a time into the online marketplace.
This week (so far), two big names have joined the bunch, with the latest hailing from Japan. Softbank Corp. (SFNBF: news, msgs) said it's setting up two new funds worth a total $1 billion to invest in Net ventures in the U.K. and in continental Europe. The announcement comes just one day after Silicon Valley venture capital firm Benchmark Capital said it's starting up a $500 million fund to invest in early-stage European tech start-ups.
Wednesday, Softbank said it's setting up Softbank UK Ventures, a $450 million fund to invest in the U.K., and Softbank Europe Ventures, a $550 million fund to invest in continental Europe. "We believe there is enormous potential for entrepreneurial ventures in key European markets," said Masayoshi Son, Softbank's president and chief executive.
Softbank said it's banking on Internet penetration in the U.K. and on the continent to rise to 150 million users by 2003, with e-commerce growing to as much as $430 a year, up 80 percent from 1998. The Japanese firm isn't new to the Net scene over here: last year, it set up EVentures with News Corp. (NWS: news, msgs) to bring U.S. companies into the U.K, and established @viso with Vivendi SA (VVDIY: news, msgs) to do the same thing on the continent.
These older ventures will have a role to play in their new peers, with EVentures contributing $150 million to Softbank's U.K. fund and Vivendinet ponying up $100 million for the European fund.
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