Three Hong Kong startups get a leg up from Alibaba
Alibaba announces the first three startups to be selected into its HK$1 billion fund for Hong Kong entrepreneurs
Three Hong Kong startups are the first to be selected for an investment programme under e-commerce giant Alibaba’s HK$1 billion fund for entrepreneurs in the city.
GoGoVan, an app connecting users to delivery service providers, and Shopline, a DIY e-commerce platform allowing merchants to set up an online shop, are two well-established startups. Along with YEECHOO, a designer apparel rental platform in its initial stages of development, they make up the first batch of selected companies and will receive a small portion of the HK$1 billion.
“I’m happy we can see this kind of innovation in Hong Kong,” said Joe Tsai, Executive Vice Chairman of Alibaba Group - which owns the South China Morning Post - and board director of the fund, at a Thursday conference. “That sense of passion and hope for the future is something we want to encourage - and we’re willing to put capital behind it.”
The Alibaba Hong Kong Entrepreneurs Fund is an initiative flagged by Alibaba chairman Jack Ma as an opportunity for startups to access capital and build their businesses in mainland China through the company’s e-commerce platforms and other services.
The fund has received more than 200 proposals since its November launch and appointed Shanghai-based venture capital firm Gobi Partners as its first investment manager.
