TechTribe gets funding from 3 PE funds including Canaan Partners

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 as reported by PRWeb.

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.

The Indian career networking market for middle- and senior-level executives is worth $400 million, according to techTribe, which has operations in San Francisco and New Delhi.

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 Entrepreneurs' Fund III (TEF3) is a Silicon Valley based, early stage venture fund focused on Software and Healthcare startups. Miven Venture Partners, founded in 2005, is a multi-stage venture capital firm with a primary focus on investing in consumer related technology companies.

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Canaan Partners to invest in 3 companies; deals to close by year-end

Canaan Partners to invest in 3 companies; deals to close by year-end

Canaan Partners, a US-based early-stage venture capital firm, which was last year in the news for its $2.5 mn investment in online matrimonial portal BharatMatrimony.com, has short-listed three more such deals. These are likely to get funding by the end of the year. The company is also exploring options to bring an Indian adaptation of Shutterfly, a US-based photograph printing and publishing portal.

Canaan Partners is looking at investing $2-5 mn in the first phase and around $15 mn in the next stage. The companies identified are all technology-based; however, it is also looking at start-ups in the services and telecom space.

The VC firm has an office at Gurgaon and is planning to set up two more offices this year in Mumbai and Bangalore. Canaan Partners has a cumulative capital investment capacity of $450 mn. In 2000, the venture capital (VC) firm had invested in Aztec Software, a software development firm, and in e4e, a diversified business-outsourcing firm.

Read the Business Standard article.