“Alibaba and its two giant Chinese Internet rivals – search engine Baidu and gaming / messaging firm Tencent – a trio known as BAT, are pouring money into all manner of firms at every stage from seed to late rounds. Since 2012 we count more than 50 investments totaling $2.3 billion. In the past 18 months alone Alibaba has plowed more than $1 billion into just ten U.S. firms. Many of the investments are bizarre on the surface, smacking of dumb money rushing in late in the cycle and driving up valuations for everyone. Why would an e-commerce giant spend tens of millions of dollars on a startup that’s outside of its core business, and country? In a word: smartphones.”
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