The Shanghai company is the first Internet media company in China to be added to Temasek’s roughly $140 billion portfolio, which includes controlling stakes in some of Singapore’s biggest companies and stakes in two of China’s biggest banks. Temasek invested $35 million in Tudou, which provides streaming online video, including syndicated television shows and user-generated content.
The latest round of fund raising “is for us to expand,” said Gary Wang, chief executive of Tudou, in an interview with The Wall Street Journal. The company, which has raised a total of $135 million since its website went live in 2005, will use the money to invest in differentiating its products and services, including creating more original video content and developing the ability to develop mobile applications in-house, Mr. Wang said.
Tudou and Youku.com are the top online-video websites in China.
The CEO said Tudou, which has an application that works with Apple Inc.’s iPad, is developing applications for iPhones and handsets running Google’s Android operating system. He hopes that all 38 million videos available on Tudou will be available for viewing on its mobile applications within a month, an endeavor that Mr. Wang said requires significant resources.
Source : Konaxis