Chinese YouTube Youku Raises $40 Million Round


Chinese video site Youku, a YouTube-esque site, has raised $40 million in private equity funding, which it will use to focus on expanding its professional content.

In its announcement, the company said it generated over $29 million in revenue (RMB 200 million this year.) It also says it had 149 million uniques in October, with users spending a total 229 million hours on the site.

The funding was led by Chengwei Ventures and raised from existing investors including Brookside (Bain) Capital, Maverick Capital, and Sutter Hill Ventures.

Youku has raised has raised $110 million in private equity funding, and $10 million in venture debt to date.

It is looking to raise a second tranche of this round worth an additional $40 million.

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