softbank vision fund is reportedly laying off 30% of its workforce, or at least 150 employees

The Vision Fund, a venture capital arm of SoftBank, has launched a sweeping layoff process, cutting at least 30% of its workforce globally, or approximately 150 of the 500 employees, according to a report by Bloomberg.

The news comes nearly two months after SoftBank chief executive officer and founder Masayoshi Son said the company would review the organization’s size and structure and that it planned to do some cost-cutting due to a record 3.2 trillion JPY (about $23.4 billion) loss in the three months ended in June.

It is unclear which regional offices would be affected by the layoffs. The London-headquartered VC firm has offices in the U.S. and Asia. SoftBank declined to comment when reached by TechCrunch.

The majority of SoftBank’s record loss — approximately $17.3 billion — ties to the Vision Fund, which has backed more than 470 startups globally in the past six years. Son also said during SoftBank’s earning report in August that some unicorn founders are unwilling to accept lower valuations in fresh funding, which has led him to believe the winter may be longer for unlisted startups. During the earnings call, the Japanese tech firm said it had marked down 284 of its portfolios in the latest quarter, including listed corporations and still-private startups.

SoftBank recently cut the valuation of its portfolio company Oyo to $2.7 billion, for example; the India-based hotel chain startup is months away from its IPO. In another major readjustment, Klarna, a SoftBank-backed firm, raised $800 million in new financing in July a $6.7 billion valuation, down from the $45.6 billion valuation that SoftBank assigned the company a year ago.

Despite the massive losses, the Japanese tech conglomerate is reportedly considering launching a third Vision Fund, according to a recent WSJ piece.

TECH NEWS RELATED

Investors sound the alarm about possible private equity tech deals

Enterprise spend management software company Coupa’s investors are ringing the alarm about a possible sale to private equity, concerned that any such transaction in the current investment environment may unreasonably limit its value. This is something you don’t see every day. Last week, rumors surfaced that Vista Equity Partners ...

View more: Investors sound the alarm about possible private equity tech deals

Gift Guide: More than 20 STEM gift ideas to inspire kids to code

All aboard the learn-to-code train! As another holiday season looms and kids everywhere start clamouring for shiny stuff, we’ve got you covered with a bumper edition of our annual STEM gift guide. This year’s guide is packed with more than 20 ideas to engage toddlers, excite tweens and inspire teens ...

View more: Gift Guide: More than 20 STEM gift ideas to inspire kids to code

Meet the startups competing at TC Sessions: Space

We’re over the moon to announce the three early-stage startups that will take the stage and go head-to-head in the pitch competition at TC Sessions: Space — next Tuesday, December 6, in Los Angeles. There’s still time to join this mission. Buy your pass right now to watch these ...

View more: Meet the startups competing at TC Sessions: Space

Third-party Twitter app makers turn their attention to Mastodon

Open source Twitter alternative Mastodon has gained a bit of attention in the wake of Elon Musk’s Twitter acquisition. Now, it’s gaining interest from third-party Twitter app developers, as well. The makers of popular Twitter clients, including Aviary and Tweetbot, have recently set their sights on building similar clients for ...

View more: Third-party Twitter app makers turn their attention to Mastodon

Autonomous driving’s blunders are good news for the climate

Not quite a decade ago, two technologies were racing toward an unseen finish line. They weren’t competing with each other — the adoption of one didn’t lock out the other. But to avoid catastrophic climate consequences, the order of the finish mattered. Autonomous vehicles had to lose, and electric ...

View more: Autonomous driving’s blunders are good news for the climate

How companies can slash ballooning SaaS costs

As inflation and general economic uncertainties spur C-suites to identify cost-cutting areas within their organizations, software-as-a-service (SaaS) spend is becoming a prime target. SaaS is obviously a broad category, covering any centrally hosted software that’s licensed on a subscription basis. But no matter the flavor, SaaS is a growing ...

View more: How companies can slash ballooning SaaS costs

Google’s new Pixel update brings new features like clear calling and Google One VPN

Google’s latest ‘feature drop’ for Pixel phones and the Pixel Watch brings features like a call quality enhancement function called “Clear Calling,” free access to Google One’s VPN service, a new privacy and security settings hub, and Fitbit sleep profiles for the Pixel Watch. Here’s the summary of all the ...

View more: Google’s new Pixel update brings new features like clear calling and Google One VPN

Operative Intelligence helps contact centers figure out what customers really need

A company may have a good contact center, but ideally they are able to help customers before they need to make a call. Operative Intelligence helps contact centers figure out what customers want more quickly, improving automated inquiries and cutting down on wait times. The Melbourne and Los Angeles-based ...

View more: Operative Intelligence helps contact centers figure out what customers really need

BrightDrop expands e-delivery van business to Canada with DHL Express

If Rowy has its way, if you can use Excel, you can build software

Confirmed: Slack CEO Stewart Butterfield stepping down in January

NEP and NCF: Tailwinds for school edtech

UPI clocks 19.65 billion transactions at Rs 32.5 trillion in Q3 2022: Worldline’s India Digital Payments Report

Thoughts on the demise of Circle’s SPAC deal

Zenly was the best social app and it will (sadly) shut down on February 3rd

Facebook to now test age verification tech on Facebook Dating in the U.S.

Which way is up? The end of free money and the importance of keeping cash on hand

Is this what good news feels like?

Check out what’s happening tomorrow at TC Sessions: Space

Twelve Labs lands $12M for AI that understands the context of videos

OTHER TECH NEWS

Top Car News Car News