Sohu IT, 6/30/08
Chinese online video site Youku has announced the completion of a new USD 30 mln round of funding, the company's fourth round of VC funding. Investment includes additional funding from Bain Capital subsidiary Brookside Capital Partners, Sutter Hill Ventures, Farallon Capital and Chengwei Ventures and new investor Maverick Capital. In May, Western Technology Investment provided loans for technical equipment of USD 10 mln, to be repaid over three to five years.
The new cash will be used for 2008-2009 operational plans, with CEO Victor Koo not denying that part of the funds may be used to purchase Olympic broadcasting rights from CCTV.
Koo also said that Youku executives still hold a controlling stake in the firm, and that no new funding will be sought in the next year.
With another USD 10 mln from it's previous round of funding, Youku now has reserves of USD 50 mln.
Keywords: Brookside Capital Maverick Capital Victor Koo Bain Capital broadcasting rights CCTV Chengwei Ventures Farallon Capital funding Internet investment Sutter Hill Ventures Western Technology Investment Youku Olympics online video fourth-round