China-based e-commerce group Alibaba committed more than $435m today to two non-profit funds today that will fund entrepreneurs developing technology based on the firm’s ecosystem.
Both the NT$10bn ($307m) Taiwan Entrepreneurs Fund and the HK$1bn ($129m) Entrepreneurs Fund for Hong Kong will fund startup, growth and expansion-stage companies looking to leverage Alibaba’s e-commerce, logistics, mobile, cloud computing and financial services platforms to provide products and services.
Andrew Lee, previously the chief financial officer of EnTie Bank, will be the Taiwan fund’s executive director.
The Taiwan fund’s board will include Charles Yen, co-founder and principal of the AAMA Taipei cradle program, Joseph Tsai, senior executive vice president of financial services firm Cathay Financial, and Danny Chiu, chairman and CEO of logistics firm Morrison Express Corp.
Cindy Chow will act as executive director of the Hong Kong fund, and its board will include Allan Zeman, chairman of conglomerate Lan Kwai Fong, Bernard Chan, who serves as president of Asia Financial Group and Asia Insurance, and Savio Kwan, Alibaba’s president and chief operating officer from 2001 to 2003.
Venture capital firm Gobi Partners will manage part of the Hong Kong fund’s investment program.
Joe Tsai, executive vice chairman of Alibaba Group, said: “We are passionate about fostering entrepreneurial spirit and hope the resources provided by the fund will help unleash potential for innovation and entrepreneurship in Hong Kong.
“I am delighted to have the support from the fund’s directors who share our vision and passion. Together we will help aspiring entrepreneurs realise their dreams.”