yoqoo.bmpYoqoo.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.