Softbank founder to invest in 100 Korean Internet companies

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SEOUL--Masayoshi Son, a third-generation Korean-Japanese and CEO of Tokyo-based Softbank Corp., plans to invest in about 100 Korean Internet companies during the next two to three years.

"We're targeting service-based start-ups with creative new ideas that haven't begun business yet," says a Softbank spokesman.

The investments will be made by a joint venture between Softbank and the Korean company Narae Telecom, called Softbank Holdings Korea (SBHK).Softbank holds an 80% stake in the venture. SBHK will typically buy a 35% stake in the companies in which the venture invests.

For Korean Internet start-ups not associated with Korean conglomerates, it represents a major opportunity for funding, according to the spokesman.

Copyright January 2000, Crain Communications Inc.

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