The Alibaba Entrepreneurs Fund said it has selected three early-stage Hong Kong-based companies in which it plans to make minority investments. Alibaba set up the non-profit fund in November to support new businesses.
The Chinese e-commerce giant said it will invest in Yeechoo, an online designer apparel rental business; Shopline, a cloud-based computing solution for small and medium-sized companies, and GoGoVan, a local delivery company.
Alibaba declined to disclose financial details of the transactions.
The company said it selected the three companies from a pool of more than 200 applicants. In addition to the funding, the three companies will be able to leverage Alibaba’s resources to expand their businesses, the e-commerce player said.