Tencent Holdings Ltd., the pioneer in social networking in China with both its QQ and WeChat platforms, has taken a keen interest in a Shanghai-based corporate collaboration company.

Teambition, a Shanghai-based cloud corporate collaboration and project management tool, has received a strategic investment from Tencent, Chinese media reported.

Teambition started as a software-as-a-service enterprise management tool used internally, and has become a product with one million projects operating on its platform. Its iPhone and Android mobile apps provide sharing, to-do-list management, file folders, calendars and review functions.

What's noteworthy is that Tencent has been pushing for more enterprise users on its popular Wechat platform. The Internet giant may be eyeing potential integration or synergy between Teambition's services and its Wechat corporate accounts.

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.

No financial details of this latest strategic investment were announced, so it's unclear if prior investors were diluted or how large the company has grown.

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.


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