Former SoftBank chief launches fund focused on LatAm startups

The former chief executive of SoftBank Group International, Marcelo Claure, on Wednesday launched a fund focused on Latin America with initial commitments of around $440 million.

The fund, named Bicycle I from growth equity firm Bicycle Capital, targets a total size of $500 million and aims to partner with startups across the continent, it said in a statement.

Latin America has a large and young population that sees a macro-economic tailwind, according to Bicycle Capital. Mexico and Brazil, its two largest economies, are expected to be among the top six economies in the world by 2050, it added.