Alibaba’s (9988) Hong Kong Entrepreneurs Fund has invested a cumulative US$94 million (HK$733 million) over the past decade, backing 84 start-ups worldwide as the initiative accelerates its expansion beyond the city and into the Greater Bay Area and global markets.

Launched in 2015, the fund was created to support Hong Kong’s start-up ecosystem by providing capital and access to Alibaba’s technology and business resources. AEF reinvests all returns into new ventures, creating what it describes as a sustainable funding cycle.

The programme has so far nurtured seven unicorns, including the first Hong Kong-born unicorn to list on Nasdaq.

AEF says its portfolio companies have attracted more than US$2.8 billion in co-investments from global partners and contributed to the creation of over 2,200 jobs in Hong Kong. The fund has also reviewed more than 13,400 business proposals since inception.

Alibaba co-founder and executive vice chairman Joseph Tsai said AEF has demonstrated a long-term commitment to fostering innovation in Hong Kong and beyond.

Alibaba’s Hong Kong fund marks 10 years with HK$733 mln invested