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SWF Banner 2 June 2021

Softbank invests $350m and takes 30% OneWeb stake

Paris, 18 January 2021. – OneWeb, the LEO satellite communications company, secured additional funding from SoftBank and Hughes, bringing OneWeb’s total funding to $1.4 billion, the company announced.

The capital raised to date positions the company to be fully funded for its first-generation satellite fleet, totaling 648 satellites by the end of 2022, OneWeb said.

SoftBank invested a $350m into OneWeb, the Financial Times (FT) reported; the Japanese technology investor will also secure a seat on the board of “the satellite internet company it forced into bankruptcy last year after refusing to take part in an urgent funding round”, according to FT.

The investment will give SoftBank roughly 30 per cent of OneWeb, FT said, and dilute the 42.2 per cent stakes held respectively by the UK and the Indian telecoms entrepreneur Sunil Bharti Mittal “to about the same level”.

The UK will keep its golden share in the company, the FT added.

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