Alibaba invests $280 million in messaging app Tango

Home Forums Alibaba invests $280 million in messaging app Tango

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    Technology News

    A worker walks past a logo of Alibaba Group at its headquarters on the outskirts of HangzhouBy Gerry Shih SAN FRANCISCO (Reuters) – Tango, the mobile messaging app-maker, announced Wednesday it has raised $280 million in a new funding round led by Chinese e-commerce giant Alibaba Group Holding Ltd. By almost any measure, the investment amounted to a staggering sum for a mobile app developer. The deal, which came one month after Facebook Inc's stunning $19 billion acquisition of Whatsapp, underscored the lengths that Internet companies are willing to go to gain a foothold in mobile communications. Alibaba invested $215 million while the remainder of the funding came from Tango's prior investors, which include Access Industries, Draper Fisher Jurvetson and Jerry Yang, a co-founder of Yahoo Inc, Tango said.

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