(25 July 2007 4:54 pm)

MUMBAI: Indian career networking portal techTribe has received joint investment from Canaan Partners, The Entrepreneur's Funds and Miven Venture Partners.

The investment will be used to expand techTribe's sales and marketing infrastructure in India and to drive new revenue growth. Canaan's India MD Alok Mittal will be named to the techTribe board of directors, states an official release.

Mittal said, "We recognize India is one of the largest and fastest growing economies in the world and in response, we are continuing to expand our presence and investments in the region. techTribe has established a strong following for its career networking site and we believe the company is poised for explosive growth as they change the nature of the recruiting market through new social networking and referral models."

techTribe CEO Rohit Agarwal said, "Our peer referral model for recruiting is the first of its kind and is driving unparalleled growth for our company. The joint investment brings a level of operational experience and local support that is unique for a firm of their size and stature and we believe they will only add to our growth and success in the coming months."

techTribe is a software company that enables Indian technology professionals on the career front, through social networking.

Canaan Partners is a $2.4 billion global venture capital firm which has previously invested in online matrimonial service BharatMatrimony and iYogi, a provider of remote desktop support. The Entrepreneurs' Fund III (TEF3) is a Silicon Valley based, early stage venture fund focused on Software and Healthcare startups. Miven Venture Partners is a multi-stage venture capital firm with a primary focus on investing in consumer related technology companies.