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TechTribe secures venture funding

TechTribe secures venture funding
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First Published: Wed, Jul 25 2007. 02 08 AM IST
Updated: Wed, Jul 25 2007. 02 08 AM IST
Mumbai: Online career networking portal techTribe Networks Inc has secured first-stage venture capital funding from Canaan Partners, US-based Miven Venture Partners and The Entrepreneur Funds.
The amount of funding received is not known. A jobs portal based on the concept of social networking, techTribe is headquartered in San Francisco and New Delhi. It allows users to connect with professionals in various fields, particularly technology, through its networking platform.
The company launched a referral recruitment model last month, through which it aims to differentiate itself from other job portals. Companies advertise for job vacancies on its portal. Registered users can then recommend professionals who they think fit the required profile. If the company signs on the candidate, the user who made the recommendation is paid Rs10,000 as incentive. The company is targeting mid- and senior-level management positions, which companies usually have trouble filling.
“The middle and senior level management recruitment happens mostly through references, for companies look for candidates with the right experience and credentials. We want to plug that gap in the online space,” says techTribe CEO Rohit Agarwal. The market in India for such professionals is an estimated $400 million,(Rs1,608 crore) he said. The company currently has over 100,000 registered users on its portal. In addressing this market, techTribe will face competition from established offline job recruitment agencies such as naukri.com, which specialize in senior management positions. The 18-month-old company will use the capital for sales and marketing in India. It is backed by angel investors in the US Silicon Valley.
techTribe is Canaan’s third investment since it opened its India office last year. It had previously invested in online matrimonial portal BharatMatrimony.com (along with Yahoo! India) and remote technical support services firm iYogi Technical Services Pvt Ltd. Its previous investment, BharatMatrimony.com, also owns online job portal ClickJobs.com.
Alok Mittal, managing director, Canaan Partners, was also co-founder of online job portal JobsAhead.com, which was acquired by Monster India in 2004.
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First Published: Wed, Jul 25 2007. 02 08 AM IST