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World

Alibaba invests in Israeli venture capital company, terms of deal not disclosed

Associated Press
Published | Updated

JERUSALEM – An executive at an Israeli venture capital firm says his company has received an investment from Chinese e-commerce giant Alibaba.

Kobi Rozengarten, a managing partner with Jerusalem Venture Partners, made the announcement at JVP's annual meeting on Monday. Terms of the deal were not released.

JVP is one of Israel's biggest investment firms, with holdings in digital media, semiconductors and cyber security companies.

In a statement, Alibaba confirmed the deal, saying that the "JVP investment is in line with our mission of supporting innovation and startups."

Alibaba operates such popular e-commerce platforms as Taobao and Tmall in China, and its platforms account for nearly 80 percent of Chinese online commerce.

Alibaba raised $25 billion in September in the New York Stock Exchange in the largest ever initial public offering.