|
Youku Confirms New Investment
Beijing-based user-generated video site Youku.com confirmed on Monday that it has received a $30 million investment led by Maverick Capital and joined by all existing investors, Brookside Capital, Sutter Hill Ventures, Farallon Capital and Chengwei Ventures. Maverick joined Youku's board through the investment. Youku CEO Victor Koo said the new capital, $40 million including a $10 million equipment loan lent by Western Technology Investment (WTI) in May, will be spent on platform technology, improving user experience and market expansion. The chief executive officer said the funding would be enough for more than one year of operation. Youku will pay back its equipment loan within three to five years, said the report.
The video site is still aiming to exceed revenue of RMB 100 million in 2009. Youku previously raised $40 million from Sutter Hill, Farallon Capital, Brookside Capital, Chengwei Ventures.
|
