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PandoraTV, a fast-growing Korean website for viewing and sharing videos, said it has raised a $10 million second round of funding, led by Silicon Valley venture capital firm, DCM.
Existing investors Altos Ventures, STIC International and Saehan, a Seoul-based venture capital group, participated in the round.
David Chao, co-founder and general partner of DCM, has joined its board of directors.
From the statement:
“PandoraTV has quickly become the dominant Internet video site in South Korea, significantly outpacing its Korean and U.S.-based competitors in one of the most wired nations in the world,” said Mr. Chao. “Already among South Korea’s top-10 online brands, PandoraTV’s platform is arguably the country’s biggest catalyst for a rapidly emerging video culture that’s changing how Koreans view societal happenings, and how they create and consume entertainment. DCM has a longstanding record of helping entrepreneurs build companies throughout Asia including China, Japan and now South Korea.”
Founded in October 2004, PandoraTV has already achieved a monthly unique user base of 12 million and 1.2 billion monthly page views, holding a considerable lead in market share over its online-video rivals, which include U.S.-based entrant YouTube, according to Rankey.com, Internet Metrix and Alexa. Providing Internet video services in one of the most wired nations in the world, PandoraTV has pioneered the trend of user-created content (UCC), and has been a leader in the Web 2.0 trend as the Korean Internet market has quickly shifted from traditional portal sites to UCC-based services such as blogs, personal homepages, instant communications messengers, knowledge-based search engines and, most recently, videos.
“Soaring traffic, a strong brand, and an established business platform that’s driving revenue from advertising, partnering and subscriptions have created a very bright outlook for PandoraTV,” said Peter Kim, founder and CEO of PandoraTV. “The DCM-led investor consortium is a vote of confidence for our business model. Combining DCM’s global network, especially in Asia, with PandoraTV’s global service which will be launched this year, will provide many opportunities to leverage each other’s strengths,” added Michael Hong, CFO of PandoraTV…