China Site Youku.com Raises $40 Million

WSJ

BEIJING—Youku.com, one of China’s largest video Web sites, raised $40 million in new funding, a nod of confidence that the medium will continue to grow in China as companies shift further away from the user-generated videos for which they were once known.

Youku Chief Executive Victor Koo said the new funds will go toward expanding its offerings of licensed professional video and content made exclusively for the Internet. Youku will also invest more in mobile video, he said.

The latest funds came from existing investors, including Chengwei Ventures LLC, Maverick Capital and Brookside Capital, an affiliate of Bain Capital LLC. …

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