Chinese e-commerce giant Alibaba Group has announced the inaugural investments of its Hong Kong Entrepreneurs Fund, committing money and resources to three startups in the online apparel, e-commerce services and logistics spaces.
Online fashion rental and sharing site Yeechoo, on-demand logistics company GoGoVan and Shopline, an e-commerce platform for merchants, will all receive minority investments and assistance from Alibaba to help scale their businesses. They were chosen from over 200 other young companies who submitted applications to the fund.
“These companies embrace technology to create value for the society, and we are excited to work with them and help them grow their businesses with resources available from the fund and Alibaba Group,” said Joseph Tsai, executive vice chairman of Alibaba Group, in a statement.
Alibaba announced the creation of its Hong Kong Young Entrepreneurs Foundation in February of last year, with the fund launching in November. The initiative was set up to support Hong Kong entrepreneurs, providing them with venture capital and mentoring during the startup phase. All of the profits from these investments are put back into foundation for additional investments. Read More