SoftBank to invest $100M in Miami startups

Doral-based Lumu Technologies is one of the first investments for the initiative

Miami /
Jan.January 28, 2021 11:41 AM
SoftBank Group COO Marcelo Claure and Mayor Francis Suarez (Getty; iStock)

SoftBank Group COO Marcelo Claure and Mayor Francis Suarez (Getty; iStock)

SoftBank Group COO Marcelo Claure is launching a $100 million initiative to fund Miami-based tech companies and those moving to the Magic City.

Claure, who is also CEO of SoftBank Group International and executive chairman of WeWork, made the announcement on Miami Mayor Francis Suarez’s Cafecito Talks series, streamed live Wednesday on Twitter.

Claure, a Miami Beach resident, said SoftBank will invest $100 million into venture capital-backed tech companies in Miami, and announced that it selected its first startups to invest in, including Doral-based Lumu Technologies, a cybersecurity firm. The investments will represent a re-allocation from existing SoftBank funds, according to a source familiar with the matter.

Suarez has been working to court tech and venture capital investors to Miami via social media, engaging with Elon Musk, PayPal investor Keith Rabois, Shutterstock founder Jon Oringer and others.

Claure is also chairman and part owner of Inter Miami CF, Miami’s major league soccer team, and runs Club Bolivar, Bolivia’s soccer team. The Inter Miami CF ownership group, which includes soccer superstar David Beckham, is planning to develop a major mixed-use soccer, entertainment and tech hub development on the city-owned Melreese Country Club site near Miami International Airport.

Claure and his family live on the waterfront in North Bay Road in Miami Beach. In August, Claure paid $11 million for a waterfront teardown in Miami Beach where he plans to build a new mansion.

SoftBank also owns Fortress Investment Group, which owns the high-speed rail Brightline that runs from downtown Miami to West Palm Beach with plans to expand throughout Florida.





    Related Articles

    arrow_forward_ios
    Rentyl Resorts' Nick Falcone (Rentyl Resorts)
    5 minutes with hospitality investor Nick Falcone
    5 minutes with hospitality investor Nick Falcone
    From left: David Beckham, former professional footballer and current president and co-owner of Inter Miami CF; Francis Suarez, mayor of Miami; and Jorge Mas, chairman, MasTec, along with a rendering of Miami Freedom Park (Getty Images, City of Miami)
    Miami approves major lease for Beckham soccer stadium mixed-use development
    Miami approves major lease for Beckham soccer stadium mixed-use development
    “Record-setting” market: Real estate powerhouses talk tech, infrastructure, development and hot housing market at TRD’s Miami event
    “Record-setting” market: Real estate powerhouses talk tech, infrastructure, development and hot housing market at TRD’s Miami event
    “Record-setting” market: Real estate powerhouses talk tech, infrastructure, development and hot housing market at TRD’s Miami event
    RLTY Capital's Briggs Elwell and Ryan Serhant  
    Commission advance startup backed by Serhant launches in South Florida
    Commission advance startup backed by Serhant launches in South Florida
    Miami’s real estate-backed mayor reelected, Virginia Key marina lease rejected
    Miami’s real estate-backed mayor reelected, Virginia Key marina lease rejected
    Miami’s real estate-backed mayor reelected, Virginia Key marina lease rejected
    Here are the real estate players who contributed to Miami Mayor Francis Suarez’s reelection campaign
    Here are the real estate players who contributed to Miami Mayor Francis Suarez’s reelection campaign
    Here are the real estate players who contributed to Miami Mayor Francis Suarez’s reelection campaign
    Ares Management co-founders Michael Aroughet and Antony Ressler with David Beckham and a rendering of the project (Getty, Freedom Park)
    Ares Management makes $150M play for David Beckham’s Miami soccer venture
    Ares Management makes $150M play for David Beckham’s Miami soccer venture
    2955 Northeast Seventh Avenue and Arte Surfside and Arrington's Coral Gables mansion (Google Maps, Arte, James Irwin / ONE Sotheby’s International Realty)
    South Florida by the numbers: The mainstreaming of cryptocurrency
    South Florida by the numbers: The mainstreaming of cryptocurrency
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...