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Alibaba Makes Metaverse Bet in China’s Magic Leap Rival

  • E-commerce giant led a $60 million funding round in Nreal
  • Beijing AR glasses maker also backed by Kuaishou, Sequoia

Alibaba Group Holding Ltd. led a $60 million investment in Chinese augmented reality glasses maker Nreal, joining rivals Tencent Holdings Ltd. and ByteDance Ltd. to stake a claim in the future of the metaverse.

The ​​so-called Series C+ funding round brings the total Nreal raised within 12 months to $200 million, the Beijing outfit said in a statement, without disclosing its latest valuation. The startup was valued at $700 million in a previous round announced in September 2021, CNBC reported at the time, citing an unnamed source.