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Startups

Alibaba to back $257m 'Greater Bay' venture fund

Investments aimed at boosting entrepreneurship in South China megalopolis

HONG KONG -- Chinese e-commerce giant Alibaba announced on Tuesday that it will throw its weight behind a HK$2 billion ($257 million) venture fund to invest in startups in the Greater Bay Area, the urban swath of Southern China that Beijing wants to turn into the country's growth driver.

Alibaba Hong Kong Entrepreneurs Fund will be the anchor investor in the new fund, which is expected to close in the first half of 2022 with participation from financial institutions, family offices and conglomerates as limited partners. The company did not reveal its initial investment in the Greater Bay Area fund, which claims to be the first private sector-led fund focused on the area.

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