Northern Light-Backed Teambition Gets Strategic Investment From Tencent

Shanghai-based Teambition, a cloud-based collaboration and project management tool, has received an undisclosed strategic investment from Tencent Holdings Ltd., according to Chinese media reports.

Teambition started as a software-as-a-service (SAAS) enterprise management tool used internally, and has gradually become a product with one million projects operating on its platform, says its website.

Its iPhone and Android mobile apps provide sharing, to-do-list management, file folders, calendars and review functions.

Founded in 2013, Teambition raised seed round from Gobi Partners, and a US$5 million series A round from IDG Capital Partners, Vangoo Investment Partners, Microsoft Ventures and Gobi Partners in December 2014.

In September 2015, Teambition completed US$12 million series B round of financing led by Northern Light Venture Capital, with participation from existing investors.

The company currently operates services in seven Chinese cities, and its products are available in five languages.