SoftBank has made no secret about its big bet on AI in recent times. The Japanese investor giant has said it could commit more than $9bn a year to deals in the space globally — and in Europe alone in 2024 has pumped upwards of $1bn into companies developing the tech.
SoftBank was an early backer of Yahoo, saw a 3000% return on an investment into Chinese company Alibaba and launched the world’s largest tech fund — its $100bn Vision Fund — in 2017. Seven years on and it’s deployed more than $50bn from its Vision Fund II, which it launched in 2019.
But which European startups have been the recipients of SoftBank’s capital in recent times?
Sifted used Dealroom data to pull the list of all of SoftBank European investments since the start of 2023. SoftBank did not respond to Sifted’s request to confirm the list by the time of publication. Valuations are Dealroom estimates unless otherwise stated.
To dig into the investor’s strategy a bit more, Sifted also sat down with SoftBank’s managing partner of Europe, the Middle East and India, Sumer Juneja, to find out which European startups the investor is watching closely in the region right now.
2024 investments
Graphcore, July 2024
SoftBank acquired Bristol-based semiconductor startup Graphcore in July 2024, following months of speculation about the future of the chip maker. It will continue operations under the Graphcore name as a wholly owned subsidiary of the Japanese investment giant.
The deal size was undisclosed but, according to Sifted sources, the price tag was less than the nearly $700m invested in the company.
Notable earlier backers: Sequoia Capital, Amadeus Capital Partners, Atomico, Molten Ventures, Balderton Capital and Air Street Capital.
Wayve, May 2024
UK autonomous vehicle startup Wayve raised a $1.05bn Series C in May 2024, in a round led by new investor SoftBank. The company is building software for AVs and the fresh funding will be used to develop the startup’s technology and launch its first commercial products to car makers.
It has since been announced that Uber has joined the Series C as a follow-on investor, and intends to launch self-driving taxis equipped with Wayve’s technology.
Size of the round: $1bn
Notable other investors: Nvidia and Microsoft
Total funding to date: $1.26bn
Valuation: Undisclosed
TravelPerk, January 2024
Barcelona-based unicorn TravelPerk raised a $104m extension to its Series D in January 2024, led by SoftBank. TravelPerk, which employs about 1.2k people, offers a platform for managing business travel, including booking and expense tracking. TravelPerk’s CEO Avi Meir expects the company to achieve profitability by the end of 2025.
The funding round was led by SoftBank Vision Fund II, with participation from Kinnevik and Felix Capital. It’s an extension of its $160m Series D round in April 2021 led by Greyhound Capital.
Size of the round: $104m
Valuation: $1.4bn
Notable other investors: Kinnevik and Felix Capital
Total funding to date: $531m
2023 investments
Cubic Telecom, Dec 2023
SoftBank acquired a majority stake (51%) in Telecom startup Cubic Telecom in December 2023, in a deal worth €473m. The startup, which appeared on Sifted’s list of Ireland’s 10 fastest-growing startups in 2023, is a connected-vehicle technology provider.
Size of the deal: €473m
Notable other investors: Qualcomm, European Investment Bank, Act Venture Capital
Total funding to date: $531m
Valuation: €927m
CMR Surgical, Sep 2023
CMR Surgical raised a $165m growth round in September 2023. The UK startup sells robotics systems to hospitals worldwide that help surgeons perform operations to treat cancer and bowel disease.
Size of the investment: $165m
Notable other investors: Tencent and Cambridge Innovation Capital
Total funding to date: $1.2bn
Valuation: $3.0b
GoStudent, Aug 2023
Austrian edtech startup GoStudent raised $95m in debt and equity in August 2023, in which SoftBank participated. The company matches students to tutors who teach classes across 30 subjects.
Size of the round: $47.5m equity and $47.5m in debt
Notable other investors: DN Capital, DST Global, Deutsche Bank, Tencent, Coatue Management, Left Lane Capital, Prosus Ventures
Total funding to date: $700m
Valuation: $3.5bn
Paack, Jul 2023
Spain-based e-commerce delivery startup Paack raised a €20m round in July 2023 from SoftBank and Infravia Capital, at a €1bn valuation, according to Dealroom. The investment followed a €200m Series D in 2022.
Size of the round: €20m
Notable other investors: First Bridge Ventures and Big Sur Ventures
Total funding: $334m
Valuation: €800m
Tractable, Jul 2023
UK insurtech Tractable raised a $65m Series E round led by SoftBank. The startup’s AI-trained software reviews user-submitted photos of cars and homes captured via smartphone and recommends insurance payout decisions based on damage severity.
Size of the round: $65m
Notable other investors: Insight Partners, Georgian Partners, Silicon Valley Venture Group
Total funding: $180m
Valuation: $1bn
Infogrid, Apr 2023
UK IoT startup Infogrid raised a $90m Series B in April 2023, led by SoftBank. The company uses AI and sensors to make buildings smarter, and raised an additional $13m in 2024, which SoftBank did not participate in.
Size of the round: $90m
Notable other investors: Northzone and The Venture Collective
Total funding: $119m
Valuation: $450m
Vitaance, Feb 2023
Spanish insurtech startup Vitaance raised a €2.2m seed round in February 2023, in which SoftBank was one of the investors. Vitaance is one of the first startups to focus on life insurance in Southern Europe.
Size of the round: €2.2m
Notable other investors: Kindred Capital, Calm/Storm Ventures, Extension Fund
Total funding: $6.1m
Enpal, Jan 2023
German solar startup Enpal, one of Europe’s best capitalised climate companies, raised a €215m Series D in January 2023, in which SoftBank participated. Enpal has since then raised another €109m in equity and €1.5bn in debt.
Size of the round: €215m
Notable other investors: HV Capital, The Rise Fund (TPG), Activate Capital
Total funding: $663m
Valuation: €2.3bn
Read the orginal article: https://sifted.eu/articles/softbank-european-investments/
