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Chinese web video site PPS.TV snags $20M

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PPS.TV, a Chinese online video site that attracts over 100 million monthly users, raised $20 million in third-round financing led by LB Investment and including contributions from Ceyuan Ventures and Qiming Venture Partners.

The three-year-old company, previously received backing from Ceyuan and Qiming in 2005 and again in 2007. With 7 million users visiting the site each day, it has already lapped major rivals PPLive (4 million daily users) and UUSee (2.7 million daily users), according to a study conducted by iResearch and iUser Tracker statistics. PPS.TV enjoys more than half the online video market share, offers 6,000 content channels, and is looking to grow more.

LB Investment, an affliate of LG Electronics, was interested in the vast advertising opportunities the site presents and was willing to bet on a company that appeared more established than its competition, PE Wire reports.