Alibaba Entrepreneurs Fund is making its first FinTech investment in backing Hong Kong-based invoice financing platform Qupital.
The e-commerce giant’s venture arm co-led the company’s $2m Seed round alongside MindWorks Ventures. DRL Capital, Aria Group and other investors also participated.
Qupital aims to offer a digital marketplace for buyers and sellers of corporate receivables, enabling small businesses to gain access to capital tied up in outstanding invoices.
The startup previously took on two undisclosed rounds of angel funding last year.
The investment is Alibaba’s Hong Kong-based fund’s first foray into the FinTech space with it recently leading a $10m Series A in fashion brand Grana and investing in smart jewellery startup Origami’s Seed round.
The fund aims to help businesses scale by allowing them to tap into Alibaba’s ecosystem.
In January, the fund’s executive director Cindy Chow commented: “We are confident about the growth prospects of the startups in Hong Kong, as Hong Kong’s entrepreneurs are often equipped with a global mindset, high degrees of professionalism and innovative thinking.
“We believe that the powerful imagination of these entrepreneurs, when realised, will become an invigorating force to boost Hong Kong’s innovation economy.”
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