The largest of Uber's major shareholders is SB Cayman 2 Ltd, which holds more than 16 per cent of Uber shares. That investment represents the SoftBank Vision Fund, a US$100 billion mega-venture capital fund that has fundamentally changed the venture financing world. The fund has been writing enormous cheques to start-ups including WeWork, Lemonade, Wirecard and DoorDash.
There have been successes for SoftBank. But the real verdict will be delivered in the next several years as their largest investments will come to fruition.First, venture capital is supposed to be about finding good investments. SoftBank has made it all about size. The scale of the fund has transfixed the venture capital and investment management industries, as SoftBank makes ever-bigger and more unrealistic promises to sovereign wealth funds hoping for outsized returns.
Finally, the venture capital world will become even more clubby. The clubbiness has its virtues: strong networks of successful investors and entrepreneurs help ensure that the best opportunities are funded. But, with the mega-venture capital model embodied by SoftBank, the advantage of larger players grows even larger. The companies with the largest funders can simply outlast others because they can sustain losses longer.
Source: News Formal (newsformal.com)
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