Canaan Partners Leads Investment in India-Based techTribe
Menlo Park, CA (PRWEB) July 25, 2007
Canaan Partners, a $ 2.4 billion global venture capital firm, today announced it has led a joint investment with The Entrepreneur’s Funds and Miven Venture Partners in techTribe, India’s leading career networking portal. techTribe is a software company that enables current and future Indian technology professionals to enhance their careers through social networking. The investment will be used to expand techTribe’s sales and marketing infrastructure in India and to drive new revenue growth. Alok Mittal, Canaan’s managing director in India, will be named to the techTribe board of directors.
Canaan’s latest investment highlights the firm’s rapidly growing, global portfolio and commitment to early-stage technology investments in India. Canaan has a direct, physical presence in India and previously invested in BharatMatrimony, the largest online matrimonial service in India, and iYogi, a provider of high-quality, remote desktop support.
“We recognize India is one of the largest and fastest growing economies in the world and in response, we are continuing to expand our presence and investments in the region,” said Alok Mittal, managing director of Canaan Partners in India. “techTribe exemplifies the innovative technology developments and entrepreneurs emerging from India who are looking for experienced investors that can drive their global growth. techTribe has established a strong following for its career networking site and we believe the company is poised for explosive growth as they change the nature of the recruiting market through new social networking and referral models.”
“techTribe leverages the strength of a large, social networking community to help members enhance their careers — through jobs, advice, and networking,” said Rohit Agarwal, CEO of techTribe. “Our peer referral model for recruiting is the first of its kind and is driving unparalleled growth for our company. Canaan Partners brings a level of operational experience and local support that is unique for a firm of their size and stature and we believe they will only add to our growth and success in the coming months.”
About Canaan Partners
Canaan Partners is a leading global venture capital firm specializing in early-stage information technology and life sciences investments. Founded in 1987, Canaan Partners has $ 2.4 billion capital under management and has invested in more than 240 companies, completed 63 mergers and acquisitions, and brought over 50 companies public. The firm catalyzes the development of innovative mobile, Internet, Clean Tech, networking, semiconductor, enterprise software and services, biotechnology and medical devices to build next-generation market leaders. Canaan was an early investor in Acme Packet (APKT), Active Network, BharatMatrimony, Blurb, Capstone Turbine (CPST), Cerexa (acquired by FRX), CombinatoRx (CRXX), CommerceOne (CMRC), Cortina Systems, Dexcom (DXCM), Dexterra, DoubleClick (DCLK), ID Analytics, Immunicon (IMMC), Match.com (acquired by TMCS), Northstar Neuroscience (NSTR) and Tremor Media, along with dozens of other market-leading companies. Canaan is headquartered in Menlo Park, California, and has offices in Connecticut, India and Israel. For more information visit: http://www.canaan.com.
techTribe is India’s career network. It’s a place where professionals connect to advance their careers. Developing a career requires professionals to network with people — for Jobs, Advice, Knowledge, and Relationships. techTribe is a platform that enables professionals in India to do that. techTribe’s offerings include frontFoot, a referral recruiting service which enables professionals to refer their friends to great jobs at market leading companies; Answers, an advice forum which enables professionals to seek advice from their peers, and to offer advice as experts. Headquartered in San Francisco, CA and New Delhi, India, techTribe is backed financially by venture investors who backed successes like CommerceOne, Webify, Linksys, Match.com, and Sybase, and professionally by early and founding teams at Netscape, CommerceOne, SAP, Webify, and Siebel.
About The Entrepreneurs Funds and Miven Venture Partners
The Entrepreneurs’ Fund III (TEF3) is a Silicon Valley based, early stage venture fund focused on Software and Healthcare startups. Like its predecessors, TEF3 takes a value-add approach to early-stage investing, providing entrepreneurs with more than just capital. As former company founders, CEOs, Board members and senior executives, TEF3 partners know what it takes to build successful companies.
Miven Venture Partners is a multi-stage venture capital firm with a primary focus on investing in consumer related technology companies. Founded in 2005, the company has invested globally with its key strength in Asia and North America.
erin @ marketingalchemist.com
Phone (415) 649-1390
gvakili @ canaan.com
Phone (650) 854-8092
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