By CBSMiami.com Team

MIAMI (CBSMiami) — Miami Mayor Francis Suarez and SoftBank COO Marcelo Claure announced a $100 million venture capital fund that will help local businesses and try to lure new technology start-ups to the Magic City.

Suarez told Claure that SoftBank was the first big bet on the city.

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“This is the first big, significant, substantive, ‘Hey, we’re putting our money where our mouth is,’” Suarez said. “Capital is incredibly important to scale, and this movement now becomes very, very real.”

Suarez has been courting the tech industry for months.

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The money will go toward Miami-based businesses or ones that are relocating to the region, said Claure, the Miami-based chief operating officer at SoftBank.

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Mayor Suarez also said this will be a catalytic moment and thanked Claure for having the courage to start the fund.

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Claure is also co-owner of Miami’s MLS soccer team Inter Miami CF.

CBSMiami.com Team