According to Youku CEO Victor Koo, the cash will be used to expand the company’s sales and marketing network and invest in ways to monetise the traffic on the site.
The funding round was led by US fund Maverick Capital, which takes a seat on the board. In addition to the $30 million cash injection, Youku has secured a $10 million equipment loan.
Youku, Tudou and 56.com are the biggest standalone video sites in China, yet none has yet been awarded an operating licences by the State Administration of Radio, Film and Television (Sarft). Indeed, 56.com has been offline for nearly a month, reportedly after falling foul of Sarft over content on its site.
Youku confirms US$30 million investment
BEIJING - Youku, one of China's 'big three' video-sharing sites, has secured US$30m in private equity funding.
