Chinese YouTube Yoqoo.com Receives US$12 Million in Funding

From their press release today, Yoqoo.com, a leading online video sharing and distribution platform in China, today announced it has completed a US$12 million round of private equity funding from Sutter Hill Ventures, Farallon Capital and Chengwei Ventures.

Founded by former Sohu President Victor Koo and that launched its beta version in June 2006, Yoqoo.com has grown into one of the top video sharing and distribution platforms in China with millions of short-form videos watched and thousands uploaded every day by video creators, collectors, amateurs and media organizations.

"User generated content and video sharing in China is an area with tremendous potential," said Victor Koo, Founder and CEO of Yoqoo.com. "We are honored to have the endorsement and support of three of the most prestigious investors in the world. Their investment and managerial experience and their understanding of the Chinese market is extremely valuable to the development of the Company."

"We are very thrilled to partner with Yoqoo at a time when the Chinese Internet video market is taking off," said Len Baker, Managing Partner of Sutter Hill Ventures. "We believe Yoqoo is well positioned to become the leader in user-generated video and video sharing in China."