SoftBank Vision Fund 2’s Resurgence: An Overview of Recent Investments
SoftBank Vision Fund 2 recently co-led a substantial funding round of $120 million for Cybereason, a cybersecurity startup. This marks a significant moment for the fund, especially after a period of inactivity throughout late 2023, when investment activity had largely subsided.
A Return to Activity
Data from Crunchbase reveals that Vision Fund 2 participated in 13 funding rounds over a span of nearly six months, which is notably greater than the cumulative total of deals it had engaged in throughout the prior four quarters—just ten in the last year leading up to Q3 2024.
This increased engagement in funding rounds notably includes investments in prominent companies such as:
- QuEra Computing
- Helion Energy
- Perplexity
Transformation of the Investment Landscape
Three years ago, securing 13 deals in such a short timeframe would not have raised eyebrows for the Vision Fund, which was once renowned for its active investment strategy. In Q3 2021 alone, the fund was involved in an astonishing 66 rounds. However, the venture capital environment has shifted dramatically since then.
Factors like rising interest rates and a tightening economic landscape forced SoftBank founder Masayoshi Son to adopt a more cautious investment stance, especially following notable losses incurred by the Vision Fund. As a result, the fund refrained from investing heavily, participating in only 33 deals from Q3 2022 to Q3 2024.
Signs of Revitalization
Late 2022 signaled the beginning of a recovery for the Vision Fund. By the end of 2024, it had engaged in six investments, including a notable $500 million Series D round for Perplexity and a sizeable $1.2 billion Series B for GDS International, a data center firm.
While artificial intelligence has notably featured in several recent investments, the Vision Fund is not limiting itself purely to AI. The fund has also shown interest in other sectors. For example:
- Involved in Metsera’s $215 million Series B in biopharmaceuticals
- Participated in Eruditus Executive Education’s $150 million Series F
- Invested in cloud security startup Wiz
Investment Strategies Moving Forward
The momentum continued into early 2025, with seven additional investments recorded by early March. Recent highlights include a $100 million Series C for Umoja Biopharma and a $200 million Series E for TravelPerk. The fund also co-led a significant $425 million Series F for Helion Energy, valuing the fusion startup at $5.4 billion.
Despite the uptick in activity, it is unlikely that the Vision Fund will return to its pre-2022 investment levels. The hesitance observed in other major funds indicates a broader cautious approach across the venture capital landscape. However, SoftBank’s determination to pursue a diverse array of sectors—ranging from AI to biotech—could provide a competitive advantage as they navigate this evolving market.
Conclusion
For startups in need of funding, the re-emergence of a significant player like SoftBank Vision Fund 2 could present exciting new opportunities, indicating a hopeful chapter ahead for venture capital investments.
Illustration: Dom Guzman
