Youku raises $30m from venture consortium

Maverick Capital, Brookside Capital, Sutter Hill Ventures, Farallon Capital and Chengwei Ventures have committed $30 million in equity financing to Chinese video website Youku.com, bringing its total venture capital backing to some $70m.

Beijing-based video site Youku.com has secured $30 million (€19 million) in Series D funding from a consortium of venture capital firms led by Maverick Partners, in addition to a $10 million equipment loan from venture debt financing firm Western Technology Investment.

Dallas- and New York-based investment advisor Maverick Capital is a new investor in Youku. The firm joined Youku’s board of directors in conjunction with the financing commitment. Existing investors Brookside Capital, Sutter Hill Ventures, Farallon Capital and Chengwei Ventures also committed capital.

Youku: attracting VC

Youku, which is positioning itself as China’s Youtube, was launched in December 2006. The firm’s previous three rounds of funding totaled $40 million. In 2009 Youku is targeting revenues of RMB 100 million.

The website receives more than 150 million daily video views, Youku said in a statement. The company is in the process of entering content partnerships with Beijing TV Station, Shanghai Media Group and Universal Music Group.

Last August rival video site Tudou.com raised $19 million in a round of financing co-led by US firm General Catalyst Partners and Shanghai firm Capital Today Group.