Alibaba Leads $280M Investment In Messaging App Tango

Law360, New York (March 20, 2014, 12:32 PM EDT) -- China-based online shopping giant Alibaba Group Holding Ltd. said Wednesday it has invested $215 million in Tango, a California-headquartered mobile messaging service, while other, prior investors kicked in $65 million more.

Tango, which provides video, voice, texting and content, has grown its user base to 200 million people, double last year's number of users, it said. The move follows a series of competitive investments in the online startup world both in the United States and China as big players like Alibaba and Facebook Inc. try to...
To view the full article, register now.