China: Teambition closes Series B investment from Tencent

Visual of Teambition homepage. August 2016

Shanghai-based workplace collaborations SaaS startup Teambition has closed a Series B investment from Chinese Internet services major Tencent.

Financial terms of the deal are undisclosed.Teambition currently operates in seven mainland Chinese and offers products in five languages.

Previous investors include Gobi Partners, IDG, Northern Light Venture Capital and Vangoo Capital Partners. They participated in a Series B investment into the company in September 2015 in a round which saw Northern Light lead. IDG and Vangoo had previously led a $5 million Series A round in December 2014.

The latest investment by Tencent – which bring aggregate equity financing Teambitio has raised to an amount in excess of $17 million – has been described as part of a pattern targeting products and services that can potentially be integrated into the WeChat ecosystem by Tencent, which reported Enterprise WeChat possessing in excess of 20 million registered users.

Enterprise WeChat, launched in April 2016, handles messages, phone calls and emails, while permitting corporations to track annual leave days and expenses that need to be reimbursed, according to Tencent. Targeted at corporate clients, it requires corporates to register prior to access the workplace features.

The Tencent investment in Teambition is part of its push to secure its market position in China’s growing office-productivity software market, where it competes with Alibaba Group’s Ding Ding.

In terms of market leadership, Tencent dominates China’s mobile-messaging and social-networking market through the WeChat and QQ communication apps. As of April 2015, the five leading mobile and messaging apps in China are WeChat, Mobile QQ, Alibaba-backed Momo and Wangxin, as well as Youni, which is backed by Shanghai-based online games and book publisher Shanda.

With Tencent possessing a market capitalisation $249 billion compared to Alibaba’s $246 billion, Teambition has access to the financial backing to expand abroad. However, Tencent lacks the international profile of Alibaba.

However, an Alibaba-Tencent partnership is not out of the question, given the merger of Meituan and Dinning last year. As Teambition scales, it could eventually see itself gaining Alibaba as an investor and leveraging on the Alibaba ecosystem to enter new markets and develop new services.

Also Read: ChemChina’s $43b Syngenta acquisition close to clearing U.S. review

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.