Softbank targets European start-ups with $1bn VC drive

NEWS Japanese Internet software group, Softbank, is storming into the European venture capital market with the launch of two funds totalling £630m ($1bn). Softbank said £285m ($450m) of the money will be used to invest in UK Internet technology companies, with the rest used in other European countries. Eric Hippeau, president of Softbank International Ventures, said Europe represents a huge opportunity because of potentially widespread adoption of the Internet via wireless devices. Mark Booth, chief executive of high-tech investment outfit Epartners, will manage the fund in the UK.