When the bosses of US video messaging app Tango were on the lookout for a strategic partner, they turned in the direction of Hangzhou, China – home of ecommerce company Alibaba.
Within weeks, Tango’s founders met Alibaba’s executive vice-chairman Joe Tsai, before selling a quarter of the company for $215m.
Deals like this, where Asian capital goes into a young tech company from another part of the globe, are becoming increasingly common. The region is emerging as a key source of funding for the sector, putting Hong Kong and Singapore firmly on the map for tech start-ups seeking cash.
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