Korean YouTube Competitor Pandora TV Gets $10 Million From DCM

Authored by Jay Baage on April 2, 2007 - 9:48am.

Seoul, South Korea - Today, Pandora TV will announce a $10 million Series B funding round, led by DCM (formerly known as Doll Capital Management) - a Silicon Valley venture capital firm. Existing investors Altos Ventures, STIC International and Saehan Ventures also participated in the round. PandoraTV is a fast growing South Korean video-sharing website. It is already outpacing YouTube in Korea with more than 1.2 billion monthly page views.

“Already among South Korea’s top-10 online brands, PandoraTV’s platform is arguably the country’s biggest catalyst for a rapidly emerging video culture that’s changing how Koreans view societal happenings, and how they create and consume entertainment. DCM has a longstanding record of helping entrepreneurs build companies throughout Asia including China, Japan and now South Korea”, said David Chao, co-founder and general partner of DCM, who has joined its board of directors of PandoraTV.

Founded in October 2004, PandoraTV has already achieved a monthly unique user base of 12 million and 1.2 billion monthly page views, holding a considerable lead in market share over its online-video rivals, which include U.S.-based entrant YouTube, according to Rankey.com, Internet Metrix and Alexa, according to the press release.

PandoraTV’s business model is to drive revenue from a mix of advertising, partnering and subscriptions.

“The DCM-led investor consortium is a vote of confidence for our business model,” said Peter Kim, founder and CEO of PandoraTV.

Related Links:
http://www.pandora.tv/
http://www.dcm.com/