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VC Firms Sink US$12 Million Into Unlaunched Chinese Internet Video Website
December 13, 2006 |
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Chinese online video sharing website Yoqoo.com has completed a US$12 million round of private equity funding from Sutter Hill Ventures, Farallon Capital and Chengwei Ventures.
The company says this investment will be used to strengthen the research and development of Yoqoo.com, further upgrade the video service standard and accelerate growth. Founded by former Sohu.com (SOHU) President Victor Koo, it launched its beta version in June 2006 and will officially launch on December 21, 2006.
"User generated content and video sharing in China is an area with tremendous potential," said Victor Koo, Founder and CEO of Yoqoo.com. "We are honored to have the endorsement and support of three of the most prestigious investors in the world. Their investment and managerial experience and their understanding of the Chinese market is extremely valuable to the development of the company."
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