Youku Raises USD 40 Mln Funding

Youku PR, 12/21/09

Chinese video-sharing site Youku has announced that it has closed USD 40 mln in private equity funding in a first tranche of a growth financing round from venture capital firms Chengwei Ventures, Brookside (Bain) Capital, Maverick Capital and Sutter Hill Ventures. Youku is in discussions with other potential investors to raise up to an additional USD 40 mln in a second tranche.

Including the first tranche of the current round, Youku has raised USD 110 mln in funding to date and incurred USD 10 mln in venture debt. CEO Victor Koo said the latest round will be used to syndicate professional media and produce web-based content, enhance the user experience, and on R&D for PC-based and mobile technology.

Youku currently works with over 1,500 content license-holders to deliver professionally-produced programming, which accounts for about 70 percent of content on site. Youku has attracted 350 brand advertisers to date, and gross revenues for 2009 are expected to surpass RMB 200 mln.

Keywords: Brookside Capital Victor Koo content Internet funding Youku Chengwei Ventures Maverick Capital Sutter Hill Ventures online video

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