Welcome!

Video Authors: Elizabeth White, Yakov Fain, Liz McMillan, Dan Ristic, Jnan Dash

Related Topics: Video

Video: Article

Youku Completes $40 Million First Closing of Expansion Round

The round was led by Chengwei Ventures and the first closing was raised entirely from existing investors

On the third anniversary of its launch, Youku.com, China's leading Internet video website, today announced that it has closed US$40 million in private equity funding in a first tranche of a growth financing round.

The round was led by Chengwei Ventures and the first closing was raised entirely from existing investors.

Besides Chengwei, those investors include Brookside (Bain) Capital, Maverick Capital, and Sutter Hill Ventures.

Youku is in active discussion with other potential investors over a second tranche of the round, which will raise up to an additional $40 million.

Including the first tranche for the current round, the company has raised $110 million in private equity funding, and $10 million in venture debt.

This latest round of funding will be used to syndicate professional media and produce Web-based content, to further enhance user experience, and on both PC-based and mobile R&D, according to Youku founder and CEO Victor Koo.

"We are honored to have the continued support of our board and our investors," said Mr. Koo. "We feel this is a vote of confidence in our ability to execute and deliver results over the last three years, and this round of funding will help us to extend and solidify our lead in the market," he said.

Youku currently works with over 1500 content license-holders to deliver professionally-produced programming. Youku has attracted 350 brand advertisers to date, and the company's gross revenues for 2009 will surpass RMB 200 million.

"In the year 2009, Youku has cemented a dominant market position and achieved successful monetization," said Eric Li, managing director of Chengwei Ventures. "We will continue to ensure Youku has the strongest financial resources to maintain and expand its leadership position," he added.

Youku had 149 million unique visitors accessing the site from home or office PCs and 57 million accessing from Internet cafes during the month of October 2009, according to Shanghai-based Internet research firm iResearch. iResearch also reported that Youku users spent a total of 229 million hours on the site in October.

More Stories By Carmen Gonzalez

Carmen Gonzalez is the co-founder, president, and CEO of SYS-CON Media, Cloud Expo, Inc. and Ulitzer, Inc.

Carmen has been in charge of SYS-CON's sales and marketing functions since 1994. Under her leadership, the company was named by Inc 500, among the fastest growing 500 privately held companies in North America three years in a row.

IoT & Smart Cities Stories
Moroccanoil®, the global leader in oil-infused beauty, is thrilled to announce the NEW Moroccanoil Color Depositing Masks, a collection of dual-benefit hair masks that deposit pure pigments while providing the treatment benefits of a deep conditioning mask. The collection consists of seven curated shades for commitment-free, beautifully-colored hair that looks and feels healthy.
The textured-hair category is inarguably the hottest in the haircare space today. This has been driven by the proliferation of founder brands started by curly and coily consumers and savvy consumers who increasingly want products specifically for their texture type. This trend is underscored by the latest insights from NaturallyCurly's 2018 TextureTrends report, released today. According to the 2018 TextureTrends Report, more than 80 percent of women with curly and coily hair say they purcha...
The textured-hair category is inarguably the hottest in the haircare space today. This has been driven by the proliferation of founder brands started by curly and coily consumers and savvy consumers who increasingly want products specifically for their texture type. This trend is underscored by the latest insights from NaturallyCurly's 2018 TextureTrends report, released today. According to the 2018 TextureTrends Report, more than 80 percent of women with curly and coily hair say they purcha...
We all love the many benefits of natural plant oils, used as a deap treatment before shampooing, at home or at the beach, but is there an all-in-one solution for everyday intensive nutrition and modern styling?I am passionate about the benefits of natural extracts with tried-and-tested results, which I have used to develop my own brand (lemon for its acid ph, wheat germ for its fortifying action…). I wanted a product which combined caring and styling effects, and which could be used after shampo...
The platform combines the strengths of Singtel's extensive, intelligent network capabilities with Microsoft's cloud expertise to create a unique solution that sets new standards for IoT applications," said Mr Diomedes Kastanis, Head of IoT at Singtel. "Our solution provides speed, transparency and flexibility, paving the way for a more pervasive use of IoT to accelerate enterprises' digitalisation efforts. AI-powered intelligent connectivity over Microsoft Azure will be the fastest connected pat...
There are many examples of disruption in consumer space – Uber disrupting the cab industry, Airbnb disrupting the hospitality industry and so on; but have you wondered who is disrupting support and operations? AISERA helps make businesses and customers successful by offering consumer-like user experience for support and operations. We have built the world’s first AI-driven IT / HR / Cloud / Customer Support and Operations solution.
Codete accelerates their clients growth through technological expertise and experience. Codite team works with organizations to meet the challenges that digitalization presents. Their clients include digital start-ups as well as established enterprises in the IT industry. To stay competitive in a highly innovative IT industry, strong R&D departments and bold spin-off initiatives is a must. Codete Data Science and Software Architects teams help corporate clients to stay up to date with the mod...
At CloudEXPO Silicon Valley, June 24-26, 2019, Digital Transformation (DX) is a major focus with expanded DevOpsSUMMIT and FinTechEXPO programs within the DXWorldEXPO agenda. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term. A total of 88% of Fortune 500 companies from a generation ago are now out of business. Only 12% still survive. Similar percentages are found throug...
Druva is the global leader in Cloud Data Protection and Management, delivering the industry's first data management-as-a-service solution that aggregates data from endpoints, servers and cloud applications and leverages the public cloud to offer a single pane of glass to enable data protection, governance and intelligence-dramatically increasing the availability and visibility of business critical information, while reducing the risk, cost and complexity of managing and protecting it. Druva's...
BMC has unmatched experience in IT management, supporting 92 of the Forbes Global 100, and earning recognition as an ITSM Gartner Magic Quadrant Leader for five years running. Our solutions offer speed, agility, and efficiency to tackle business challenges in the areas of service management, automation, operations, and the mainframe.