By Kate Yuan

(JW Insights) Aug 22 -- Alibaba-backed new fund has successfully raised the equivalent of HK$2 billion ($255.9 million), which will be used for investments in the Greater Bay Area, covering nine cities in southern Guangdong Province as well as Hong Kong and Macau, according to Gobi Partners, the venture capital firm in charge of the capital raising.

Called AEF Greater Bay Area (GBA), the new fund will remain open until the end of this year to accept support from additional limited partners (LPs), according to Tang Qibo, managing partner of Gobi Partners in the Greater Bay Area.

Alibaba Group's non-profit foundation, Alibaba Entrepreneurs Fund (AEF), is the main investor of AEF GBA. Since 2021, AEF GBA has supported investments in companies such as Hong Kong-based blockchain gaming developer Animoca Brands, insurtech startup OneDegree, and VR company Sandbox VR, according to Gobi Partners.