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Alibaba may not be popular in the States, but that is about to change. The huge Chinese e-commerce company is divin...
Alibaba may not be popular in the States, but that is about to change. The huge Chinese e-commerce company is diving into the messaging market, by announcing a $215 million investment in the US mobile messaging app, Tango. The nearly quarter billion dollar investment would give Alibaba a minority share in the mobile messaging service, and a Tango board seat.
Tango is a messaging app for Android and iOS, that allows users to send free texts, play games with friends, make free video and voice calls, and also free-stream music from Spotify. The social media start-up has about 70 million monthly active users, and 200 million registered users, mostly coming from Europe and North America.
Do you know how to Tango?
Eric Setton, co-founder of Tango, says the monies raised would be put towards further progress in the building of the mobile social platform. He claims that messaging apps take connecting and sharing to a whole new level, which influences how users distribute content via mobile. As Setton says, "This round of funding will enable us to continue to innovate, hire the best talent, aggressively expand our content partnerships, and build a world-class platform as we go after what is truly a big opportunity."
Tango is not Alibaba's only investment. The Internet giant has been expanding in recent years, developing its own capabilities, and investing in other start-ups as well, such as ShopRunner and Quixey. At the upcoming initial public offering later this year, Alibaba is expected to be valued at about $130 billion.
Purchasing mobile messaging start-ups is a common practice in the social networking world, as Facebook recently landed an enormous tech deal for WhatsApp, worth $19 billion.