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Youku receives U.S. fund backing |
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Written by Clifford Coonan
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Thursday, 03 July 2008 |
BEIJING -- China's leading online video site Youku.com is the latest Netco in the world's fastest-growing major Internet market to take advantage of U.S. venture capital funding for expansion.
It has secured $30 million in private equity coin in a financing round led by Maverick Capital, which will join the board.
Existing investors, including a formidable array of U.S. private equity investors -- Brookside Capital, Sutter Hill Ventures and Farallon Capital -- as well as Chengwei Ventures, which also took part.
Youku had already raised $40 million in private equity funding from these investors.
An extra $10 million equipment loan came from Western Technology Investment, which has provided venture debt to Google and Facebook.
Youku has more than 100 million unique visitors per month. According to a May report by iResearch, Youku is now the sixth-largest website in China in terms of total user time spent.
© Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.
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