China's Video Site Secures U.S. Funding

  • July 3, 2008 Inc., a top online video Web site in China, this week raised an additional $30 million in private equity funding and secured a $10 million equipment loan.

Maverick Capital led the financing round and joined the Board of Directors. All existing investors in the company, including Brookside Capital, Sutter Hill Ventures, Farallon Capital and Chengwei Ventures, participated.

The $10 million equipment loan is provided by Western Technology Investment, which has provided venture debt to top Internet companies such as Google and Facebook.

Youku has attracted over 100 million unique visitors per month and each user spends about 300 minutes per month on Youku, according to the company.

--Gavin O'Malley

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