China Taiping Insurance has backed a series A round for Alisports, the sports affiliate of Alibaba that revealed the deal at the same time as its acquisition of wearables maker Ledongli.
Alisports, the sports affiliate of China-based e-commerce group Alibaba, raised RMB1.2bn ($290m) in series A funding on Tuesday from investors including insurance firm China Taiping Insurance, according to China Money Network.
The round was led by Yunfeng Capital, the investment firm co-founded by Alibaba’s executive chairman Jack Ma.The investment valued the company at $1.3bn.
Alisports announced the round at the same time as it disclosed its acquisition of fitness app and wearables producer Ledongli for an undisclosed amount.
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