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Alibaba invests in messaging app Tango
2014-03-20 08:56:00| Telecompaper Headlines
(Telecompaper) Alibaba has invested USD 215 million into chat app Tango, valuing it at USD 1 billion. Tango has around 200 million registered users, in the US, Europe, Middle East and Asia. The ideo-focused app is expected to help Alibaba strengthen its mobile presence outside its home market China. Tango's co-founder Eric Setton told the Financial Times that the two companies have no concrete plans for strategic co-operation, but said he expects they can partner on a number of initiatives. Tango was started in 2010 by French entrepreneur Eric Setton and Israeli entrepreneur Uri Raz. Users can play games with friends, share photos, and makes calls or send messages for free. Its investors include Jerry Yang, co-founder of Yahoo, who introduced Tango to the Chinese group. Setton said the funding will help Tango expand its team to compete against larger players. The round, which raised a total of USD 280 million for Tango, values the start-up at USD 1 billion, according to sources familiar with the deal. Previously, it had raised USD 87 million in total.
Tags: app
messaging
alibaba
tango
Category:Telecommunications