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.READ MORE: Condo Collapse: Miami-Dade Mayor Daniella Levine Cava Calls On Governor Declare State Of Emergency
“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.READ MORE: Condo Collapse: 'The State Will Be Helping Out In Any Way We Can,' Gov. Ron DeSantis On 'Tragic Situation'
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.MORE NEWS: Paraguayan President's Sister-In-Law Reported Missing After Surfside Partial Building Collapse
Claure is also co-owner of Miami’s MLS soccer team Inter Miami CF.