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Marcelo Claure to Co-Lead and Co-Own Open Opportunity Fund in Partnership with Paul Judge

Marcelo Claure (left) Paul Judge (right)
Marcelo Claure (left) Paul Judge (right)

Open Opportunity Fund, a Miami, FL-based venture capital fund dedicated to funding Black- and Latino-founded technology companies, is announcing two significant advancements within the fund.

Marcelo Claure, a technology entrepreneur and investor, is returning to the Open Opportunity Fund as Vice Chairman and General Partner. In June 2020, SoftBank Group (“SoftBank”) launched the SB Opportunity Fund to invest in underrepresented founders. Claure was a founding member of the fund while he was CEO of SoftBank Group International. In less than three years, SoftBank incubated the Opportunity Fund and deployed the initial $100m into 75 Black- and Latino-led companies. Two of SoftBank Group’s core growth funds—Vision Fund 2 and the Latin America Fund—separately invested nearly $600m in Opportunity Fund portfolio companies, for a total of nearly $700m invested across SoftBank’s funds.

In addition, Claure joins Open Opportunity Fund Chairman, Paul Judge, in the previously announced agreement to acquire an ownership stake in the $100m Opportunity Fund 1 portfolio from SoftBank. SoftBank remains committed to building a community of diverse founders and continues to support the fund as an investor in Fund 2. Open Opportunity Fund aims to double in size, raising Fund 2 to a $200m fund open to LPs and other investors.

Claure is the founder & CEO of Claure Group, a multi-billion-dollar global investment firm. He is also Chairman and Managing Partner at growth equity firm Bicycle Capital as well as Group Vice Chairman of SHEIN. After building his first business, Brightstar, into the world’s largest global wireless distribution and services company, Claure became CEO of Sprint. He later became CEO of SoftBank Group International, where he oversaw strategy alongside SoftBank CEO Masayoshi Son, and launched SoftBank’s $8 billion Latin America Fund.

Opportunity Fund 1 invested $100m into 75 Black- and Latino-led tech companies, with a portfolio that includes Atomic, Brex, Career Karma, Cityblock Health, Eight Sleep, Esusu, Lendtable, Lumu, Mayvenn, Paystand, Praxis Labs, QuickNode, Squire, and Subject. The fund has had seven exits.

Open Opportunity Fund is now raising Fund 2 with the aim of continuing to deliver strong financial performance by backing Black and Latino tech founders. The fund is open to other corporations, institutions, qualified individuals, and other LPs who are committed to this cause.

VCWire

02/01/2024