Teambition, a team collaboration platform, recently announced $12 million in series B funding led by Northern Light Venture Capital with participation of existing investors Gobi Partners, IDG and Vangoo Capital Partners. The Shanghai-based startup has secured a $5 million USD Series A round led by IDG at the end of last year.
As a software as a service (Saas) platform, Teambition is a maker of cloud-based project management tools, enabling users to collaborate on projects and share or edit documents in real time across departments, continents, and business applications. It’s available on the web and mobile in Chinese (simplified and traditional), English, Japanese, and Korean.
Amid the rise of 2B services, Teambition has recorded a surge in users with paid clients, increasing from less than ten at the beginning of this year to over 10,000 to date. The company disclosed its user base climbed by nearly 3.5 times since the latest round of financing. Mobile service is taking an increasingly larger share, accounting for nearly 50% of the total traffic.
Upon the new funding, the company plans to consolidate its fermium subscription model by providing free services to all collaboration features, and only charging on collaboration data for enterprise management. Furthermore, the firm is customizing its productivity tools according to the workflow and characteristics of different industry to fit into client demands.
Service teams have been set up in Shanghai, Beijing, Shenzhen, Chengdu and Hangzhou. In an attempt to expand overseas markets, it is also recruiting talents around the world including France, New Zealand, the U.S. and Japan.
Teambition CEO Qi Junyuan
Teambition is among a series of successful projects founded by China’s rising post-90 entrepreneurs. The 24-year-old Qi headed the project in 2011 after founding an online healthcare community program. We interviewed him here, when Qi shared the philosophy behind Teambition.
Image credit: Teambition