Alibaba nabs investor stakes in UCWeb

Sep 11, 2013 • Katherine Steiner-Dicks

China-based online trade site, Alibaba, has increased its stake in China-based mobile browser company UCWeb and in the process replaced two investors.

China online trader Alibaba has acquired a substantial stake in what is considered the world’s leading provider of mobile internet software and services, UCWeb.

The news follows the recent announcement that Alibaba founder Jack Ma has gained a seat on the board and Alibaba’s now ‘substantial’ stake has replaced those of two backers, Morningside Ventures and Nokia’s corporate venturing unit, Nokia Growth Partners, according to a Forbes news report. Alibaba has been an investor in the browser company since 2009.

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