Paul Judge and Marcelo Claure have completed the acquisition of SoftBank’s Open Opportunity Fund (OOF). The fund, comprising the $100 million Open Opportunity Fund 1 and the $150 million Fund 2, along with its entire portfolio, is now under the full ownership of Judge and Claure. The recently launched Fund 2, initially set at $150 million, is expanding its target to $200 million.
Marcelo Claure, appointed as the fund’s vice chairman and general partner, referred to the acquisition as a “significant milestone” and emphasized its contribution to fostering diversity in the venture capital ecosystem.
Earlier this year, SoftBank rebranded its Opportunity Growth Fund to Open Opportunity Fund (OOF) and appointed Paul Judge as chairman, making him a co-owner of the fund. Claure, the original founder of OOF and a former SoftBank COO until 2022, is returning to collaborate with the fund after a one-year hiatus.
Judge highlighted Claure’s continued involvement in the venture ecosystem, noting his active role in the fund’s investment committee. According to Judge, Claure’s extensive network, particularly among Latino entrepreneurs, enhances the fund’s deal flow within this dynamic community.
SoftBank, as part of its commitment to diversity, is launching Fund 2 with a focus on investing in Black and Latino-led startups. Fund 1, having deployed $100 million in 75 Black and Latino companies, achieved notable success with seven exits and 46 follow-on rounds. SoftBank will be a Limited Partner (LP) in Fund 2, and Claure expressed the fund’s interest in attracting investors dedicated to promoting diversity in the tech industry.
Fund 2 is set to invest in 50 pre-seed to growth-stage companies across various sectors, including fintech, health tech, edtech, sales and marketing, and enterprise IT. Additionally, Fund 1 companies may receive funding from Fund 2 on a case-by-case basis, providing a strategic approach to portfolio development.
Judge emphasized the belief that the Black and Latino founder market represents an untapped source of significant returns, and the success of Fund 1 demonstrates the validity of this investment thesis.
