Northern Light leads $12m Series B round for China's Teambition

Teambition will use the new capital to fuel its continued expansion within China, with growth outside the country expected to come later, CEO Qi Junyuan told 36kr. The company is already adopting an international mindset, with recruitment focused on talent from outside of China, and five different language versions of its website.

Unlike other collaboration apps such as Slack, Teambition does not currently offer a chat function. However, it does offer task and project organization, cloud storage, and team analytics. Since its founding in 2011, the service has grown to about 500,000 users.

Northern Light targets earl-stage investments in the IT, consumer services, clean technology and health care sectors in China. Recent activity includes leading a Series A round of an undisclosed amount for automotive e-commerce platform Maihaoche, and committing $5 million in Series A funding to mobile app cloud service provider APICloud.

IDG and Vangoo participated in Teambition's $5 million Series A round in 2014, while Gobi Partners committed about RMB10 million ($1.6 million) in pre-Series A funding in 2013. Gobi recently raised a RMB600 million fund to focus on early-stage funding for Chinese start-ups.

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• Topics
• Greater China
• Support services
• Technology
• Expansion
• Venture
• China
• professional services
• Technology
• TMT
• Growth capital
• Venture
• Northern Light Venture Capital
• Gobi Partners
• IDG Capital Partners