Alibaba Sinks $215 Million Into Messaging App Tango, Valuing It At More Than $1 Billion
China’s Alibaba is the latest Internet giant to make a bet on the messaging space, and it’s a big one. The company is spending $215 million for a minority stake in the messaging and free-calling app Tango, the startup revealed today.
The investment is part of a $280 million funding round that Alibaba is leading, which also will see other current investors in Tango stump up more capital.
The round values Tango at $1.1 billion, based on a regulatory filing sourced by research firm VC Experts, who estimate that Alibaba’s stake lies somewhere between 20 and 25%. Two people close to the deal confirmed the estimate.
Tango, based in Mountain View, Calif., would not comment on its valuation or the size of Alibaba’s stake.
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