Youku.com, a Chinese video sharing website, announced that it has closed $40m in private equity funding in a first tranche of a growth financing round.
The round was led by Chengwei Ventures, with participation from existing investors Brookside (Bain) Capital, Maverick Capital, and Sutter Hill Ventures.
Including this first tranche, the company has raised $110m in private equity funding, and $10m in venture debt. According to a press relaese, Youku is in active discussion with other potential investors over a second tranche of the round to raise up to an additional $40m.
The new funds will be used to syndicate professional media and produce Web-based content, to further enhance user experience.