The Hong Kong Entrepreneurs Fund, a non-profit initiative backed by Alibaba Group, said it has made minority investments in three companies, including online fashion retailer Grana and two food-related enterprises.
“The three selected companies in this round impressed us particularly with their unique value propositions, innovative business models, growth potential and their team members’ entrepreneurship,” said Cindy Chow, executive director of the fund.
Beyond Grana, the Alibaba fund invested in Nosh, a food delivery company that specializes in low-calorie meals packed in biodegradable materials, and DayDayCook, which produces bilingual cooking videos.
This is the second round of investments for the fund, which was established in November. Alibaba declined to release investment figures for the transactions.
Grana emphasizes high-quality textiles and affordable retail prices. Its business model is similar to that of Bonobos or Everlane — it uses the Internet to cut out the middleman and passes the savings onto the consumer. Recently it has diversified beyond its core basic apparel items like T-shirts and silk shirts to offer swimwear and cashmere knits.
Grana secured $3.5 million in seed financing in February. That round was led by Golden Gate Ventures, and includes investments from MindWorks Ventures and Bluebell Group, a Hong Kong-based retail distributor of luxury brands across the Asian region.