Alibaba’s Hong Kong fund invests in three food, fashion startups

Visual from Alibaba website

Alibaba Group’s Hong Kong Entrepreneurs Fund has invested in three startups engaged in food and fashion businesses.

It was the second round of investments made by the $129 million (HKD1 billion) fund since e-commerce giant Alibaba launched it last November as a non-profit initiative.

The three startups that just received undisclosed sums of funding were online clothing retailer Grana, food delivery firm Nosh, and cooking recipe video site DayDayCook.

The fund’s executive director Cindy Chow said, they found the business models of the three startups as significantly feasible.

Founded in 2014, Grana secured $3.5 million last February in a seed funding led by Golden Gate Ventures. Although its customers can only place orders online, Grana has adopted an offline-to-online approach by setting up a series of temporary pop-up stores in its markets.

The Grana investment was a $10 million Series A funding round led by Alibaba, with co-investment from existing investors Golden Gate Ventures and Hong Kong-based MindWorks Ventures.

Nosh, meanwhile, is a certified partner of online food catering service Maidan, Rocket Internet’s online food delivery Foodpanda, and London-based app maker for taking out food called Deliveroo.

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