Chinese Video Site Youku.com Raises $30 Million

Authored by Mark Hefflinger on June 30, 2008 - 7:35am.

Beijing - Chinese online video site Youku.com announced on Monday that it has raised $30 million in new private equity financing, led by Maverick Capital, with participation from previous investors Brookside Capital, Sutter Hill Ventures, Farallon Capital and Chengwei Ventures.

The company has also secured a $10 million equipment loan, provided by Western Technology Investment.

Youku claims to be the top online video site in China, attracting over 100 million unique monthly visitors, who spend on average 300 minutes per month on the site.

The Chinese government recently issued over 200 licenses to video sites, but notably did not include Youku, or other top sites Tudou.com or 56.com -- the latter of which is believed to have been shut down by the government.

China said last year that the licenses would be required in order to operate a video site, but so far Youku and Tudou are continuing to operate unlicensed.

In addition to the financing, Youku also announced it has entered into content partnerships with over 100 traditional media groups, including Shanghai TV, Beijing TV, Jiangsu TV, China Film Group, Universal Music, EMI Music, Huayi Music and a number of top film, TV and music performers in China.

The company raised $40 million in its last venture round.

 

Related Links:
http://snipurl.com/2rnhl

http://www.youku.com

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