Canaan Partners Leads Investment in India-Based techTribe
Menlo Park, CA (PRWEB) July 25, 2007 -- Canaan Partners (http://www.canaan.com/index.html), 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 (http://www.techtribe.com/), 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: www.canaan.com.
About techTribe
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.
Contact
Erin McMahon-Lyman
Marketing Alchemist
erin @ marketingalchemist.com
Phone (415) 649-1390
Gina Vakili
Canaan Partners
gvakili @ canaan.com
Phone (650) 854-8092
# # #
Related Articles:
mFoundry Releases Mobile Banking Product Offering Banks Full Online Banking Functionality Securely via Mobile Devices
Some of the world's largest banks collaborate with mFoundry to bring mobile banking to mainstream wireless consumers in 2007
Evergreen Systems Announces Interview with Bank Systems and Technology on Asset Management and Release of Asset Management White Paper
Evergreen Systems today announced that Partner Tony Iannetta was interviewed in Bank Systems and Technology's December issue on asset management in banking.
Gold Investment Companies - Investing In Tangible Asset Classes
Everybody wants to choose the best financial solution for his money and the investment scheme that will guarantee the biggest gains and the surest way to get there. There are many investment solutions on the market and as many investment schemes: you can invest your money in stock, in real estate, in mutual funds, gold investment companies. You can choose to invest your money yourself or you can trust your funds to a specialized broker whose job is to find the best solution for you.
American Momentum Bank Releases Two New Banking Services
American Momentum Bank has announced the release of two new banking services.
Panama Banks Assets and Profits Growing at Record Pace
Introduction - At the end of May 2007 it has been reported that the Panama Banks have collective assets of over $55,000,000,000 (55 Billion dollars). This is 17% higher than the preceding year (2006). Seventeen percent is very respectable growth by any standards.
Offshore Banking As Asset Protection
An offshore bank account will allow you to securely and personally explore, with few restrictions, the far reaches of the immense and diverse financial universe; from the relationship markets of Korea to the stock transactions of Eastern Europe; from ultra-private Liechtenstein trust arrangements to the most financially good funds; from unique commodity investments to Caribbean corporations; from Israeli nanotech start-ups to ancient European blue-chips; from the strange and secretive world of offshore mutual funds to tax-free Swiss gold accounts; from Isle of Man Insurance contracts to Danish multi-currency paid into accounts; from one of a kind structured tax-free Austrian money to Bulgarian mortgages; and much more further on. Diversify ...
What Are The Effects Of Holding Bank Account And Assets After Bankruptcy
When you go bankrupt life for attaining credit is very difficult. Many companies are wary of loaning money, or even allowing you to open a bank account on the basis of your bankruptcy. You will need to search for a bank that will allow you to open a new bank account. The bank may impose conditions and limits for this bank account. They may limit the amount of money you are allowed to withdraw and state that you need to keep a certain amount in the account to avoid fees.
Sutherland Global Services to Provide Data Management Services for Deutsche Bank
Sutherland Global Services, a leading multi-national Business Process Outsourcing (BPO) provider, today announced that it has been selected by Deutsche Bank to provide data management services for its North American operations.
Wholesale Banking - Banking For Merchant Banks And Other Financial Institutions
Wholesale banking is often defined as banking services which are provided between merchant banks and other financial institutions Although, wholesale banking is also a term referred to the wide range of financial services that are provided by financial institutions to various businesses and corporations as well as the government
You Dont Want Bank of America Locations, Join Bank Of America World Wide Web Banking
If you are asking for Bank of America locations and you are finding it not simple, try bank of America online banking instead of looking off line. Online banking services are greatly becoming the way to easily access corporations from any part of the worldI can assure you that with online banking there is not need to look for Bank of America locations.
