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SoftBank's $100 Billion Tech Fund Rankles VCs as Valuations Soar

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SoftBank's Son Vows to Be Biggest Tech Investor

Earlier this month SoftBank led a $502 million investment in a London-based virtual reality startup called Improbable Worlds. Less than two years ago, the startup was worth about $100 million. Then SoftBank came along, and suddenly it was worth 10 times that. Overnight, Improbable Worlds had become a unicorn.

In the months since Softbank Group Corp. unveiled plans for a $100 billion technology fund, the Japanese company has been making its presence deeply felt across the industry. The Vision Fund closed a few days ago with $93 billion in initial commitments, and already venture firms from London to Silicon Valley are fretting about a behemoth with the resources, clout and name recognition to snatch away the most promising deals.