Popular Chinese video sharing site, Yoqoo, raises $12 million
Yoqoo.com, a Chinese company that resembles YouTube, has raised $12 million in venture funding from Sutter Hill Ventures, Farallon Capital and Chengwei Ventures.
The Chinese love affair with “oo” names continues (lately, there’s been Ucloo, Qihoo among others), and if you’re competing against YouTube, why not throw in a “Y” as well.
The company was founded by former Sohu President Victor Koo and launched in June, and says its users watch millions of videos daily.
Len Baker of Sutter Hill Ventures led the investment. Baker was very early to invest in China, and is a major subject of this book China Dawn.
Next Story: Secretive Benchmark-funded company, Vvond, raises $15M for large movie library site
Previous Story: Sabre Holdings, travel reservation co., sold to private equity firms for $4.3 billion
About the Author, Matt Marshall
Matt launched VentureBeat in September of 2006, with the realization that no one else was covering the entrepreneurial and tech innovation scene with the velocity or depth that he was. Prior to founding VentureBeat, he covered venture capital for the San Jose Mercury News from 2001 to 2006. In 2002, Matt was awarded "Journalist of the Year" by the Northern California Society of Professional Journalists. Prior to working at the Merc, he was a correspondent for the Wall Street Journal in Bonn, Germany from 1995 to 1998, and a writer for the Washington Post in 1994. Matt holds a PhD in Government and an MA in German and European Studies from Georgetown University. In addition to VentureBeat, Matt is also the Executive Producer of DEMO, the leading launchpad event for emerging technologies.
