2007'02.01.Thu
Toodou.com receives second round of financing of US$8.5 million

PR
May 15, 2006

SHANGHAI, China, May 15 /Xinhua-PRNewswire/ -- Toodou.com announced the completion of an US$8.5 million, Series B financing round, co-led by Granite Global Ventures (GGV) and JAFCO Asia (JAFCO). IDG Technology Venture, the Series A round investor, also participated in the round. Toodou.com is a multimedia podcasting web site that allows average Internet users to share original audio and video clips. Launched on April 15, 2005, Toodou.com has rapidly developed a reputation as the leading video sharing company in China. "There were 5 of us when we closed the Series A round 5 months ago. Now we have a 20-person team. We want to use this round of financing to bring in more talented engineers so together we can build this great company into something even greater," said Gary Wang, Founder/CEO of Toodou.com. "We are also excited to have Granite and JAFCO, two firms with great track record, joining IDG to form our investor group." As demand for original local content becomes increasingly strong in China, especially among young people, Toodou will continue to provide a much-needed outlet for innovative content creation, and excellent venue for highly personalized entertainment. Helen Wong of GGV and Sam Lai of JAFCO will join the board of Toodou.com. About Granite Global Ventures Granite Global Ventures is an expansion-stage venture capital firm focused with approximately $400M under management. The firm was founded in 2000 and has offices in USA, China and Singapore. Granite Global Ventures brings a depth of experience in investments, cross-border business development activities, mergers and acquisitions, and IPO transactions. Its China investments include Alibaba (recently combined with Yahoo!), Hurray Solutions, and AAC Acoustics. About JAFCO Asia JAFCO Asia was established in 1990 and currently manages several long-term funds with aggregate capital under management of approximately US$850 million. It invests in promising young technology enterprises with high growth potential in the Asia Pacific region. JAFCO Asia offers in-depth local knowledge and has five offices: Hong Kong, Beijing, Taipei, Seoul and Singapore. Over the past 15 years, it has invested over US$700 million in 278 investees in the Asia Pacific region. In the last four years, JAFCO Asia has shifted its focus entirely to technology investments. Its China investments include 3721 (acquired by Yahoo China), China Wireless and China Grentech. About IDG Technology Venture As one of the earliest American venture companies to enter the China market, IDGVC is managing more than $500M funds with investment focus on the Internet, information services, software, telecommunications, networking technology and life sciences. IDGVC has invested more than 100 companies. Among its many successes are several now listed on the NASDAQ exchange, including Sohu, Ctrip, Baidu and JRJ. For more information, please contact: Vega Chen of Toodou.com Mobile: +86-1381-829-1212 Email: vega@toodou.com SOURCE Toodou.com
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