Chinese Video Site Ku6 Gets A Big Second Round As Well
This story was written by Rafat Ali.
The slew of big Chinese digital media fundings continue: Ku6, the online video sharing site based in Beijing, has received "tens of million" of dollars of funding in its second round. Investors included UMC Capital, SBI, Itochu and Hotung Group. DFJ and DT China, two first-round investors, also increased their investment. Some earlier rumors had pegged the second round at about $35 million. The company had previously received about $10 million in a first round from *Baidu*, DFJ ePLanet Ventures and others. Ku6 website was founded by former *Sohu* SVP and chief-editor Kevin Li in Beijing in June 2006.
KU6 says it is focused on developing a more revenue-generating operation, which means more professional video. It is among the sites that recently got a license for private video-sharing websites issued by the State Administration of Film, Radio and Television. It also did a deal with CCTV.com for Olympic Games videos broadcasting rights, and says it is the only video-sharing website allowed to broadcast the Olympics, which of course means legally...other Chinese sites will see tons of illegal videos.
By Rafat Ali