DFJ Growth Fund, Highland Capital Partners and Steamboat Ventures Invest in China's Largest Web TV Operator
BEIJING, March 7 /PRNewswire/ -- UUSee, the leading Internet television and interactive video operator in China, announced today that it has raised US $23.5 million in new financing. Draper Fisher Jurvetson Growth Fund ("DFJ Growth Fund") and Highland Capital Partners led the round, with Steamboat Ventures joining as a new investor and additional participation from existing investors Sequoia Capital China and SIG. In conjunction with the financing, Barry Schuler of DFJ Growth Fund and Dan Nova of Highland Capital Partners have joined UUSee's Board of Directors.
"This financing represents further endorsement of our progress to date and the very large market opportunity that has emerged for broadband media in China," stated Zhu Li, CEO and co-founder of UUSee. "DFJ Growth Fund, Highland and Steamboat Ventures are top-tier firms that have relevant expertise, relationships and capital to help us achieve further growth and expand our leadership in the market."
Through its exclusive partnerships with leading Chinese content providers and distributors such as CCTV (China's largest TV broadcaster), Beijing TV and CSAT (China's leading satellite operator), UUSee provides its audience with a vast library of licensed content including popular television programming, news programs, drama series, sports, and movies. The company has also partnered with SMG to deliver live Internet broadcasts of world-class premium sports events. UUSee broadcasts nearly 60 channels of live TV programming and 350 channels of commercial video content, along with video-on-demand features, downloading services to mobile devices, and specialized services for Internet cafe users. In addition, approximately 25 regional broadband portals from China Telecom (CT) and China NetCom (CNC) have partnered with UUSee to offer this broadband video programming to their users.
"The company and management team have made significant progress to date securing key partnerships and developing a unique platform that is already serving millions of online viewers" stated Dan Nova, Managing General Partner with Highland. "With its proprietary technologies, including a robust peer-to-peer streaming network, UUSee is making online video distribution of licensed content a reality."
UUSee is working with television programmers and broadcasters to deliver their content with new interactive features, including voting, text-messaging and rich media advertising. Brands can advertise on UUSee in multiple ways, using pre- and post-roll ads, banners and text ads, plus more innovative ad units such as picture-in-picture and interactive Flash.
"UUSee is China's leading Internet TV operator and peer-to-peer video network, and we're thrilled to be partners with them," added Barry Schuler, Managing Director of DFJ Growth Fund and former Chairman and CEO of America Online (AOL). "UUSee has developed a large and loyal audience that continues to grow very rapidly. We look forward to helping them become China's most successful broadband media company by forging partnerships with the world's top studios, programmers, and advertisers who want to reach this enormous audience."
"We are enthusiastic about the opportunity to invest in China's premier Internet TV and interactive broadcasting operator," said John R. Ball, Founder and Managing Director of Steamboat Ventures. "UUSee is at the forefront of delivering licensed media and entertainment content over the Internet, and we look forward to working closely with the company and its partners."
China Renaissance Partners acted as the exclusive financial advisor to UUSee on this transaction.
About UUSee
Based in Beijing, UUSee is the leading Internet television and interactive video operator in China. Through its partnerships with leading content providers and distributors such as CCTV (China's largest TV broadcaster), Beijing TV, SMG, and CSAT (China's leading satellite operator), UUSee provides its audience with a vast library of licensed content including popular television programming, news programs, drama series, sports events, and movies. UUSee broadcasts nearly 60 channels of live TV programming and 350 channels of commercial video content, along with video-on-demand features, downloading services to mobile devices, and specialized services for Internet cafe users. More information can be found at http://www.uusee.com .
About DFJ Growth Fund
Draper Fisher Jurvetson Growth Fund invests in technology-driven businesses that are expanding rapidly and positioned as leaders in their markets. Draper Fisher Jurvetson (DFJ) is the only venture capital firm with global presence through a network of affiliated funds, with offices in more than 30 cities around the world and approximately $4.5 billion in committed capital. DFJ's mission is to identify, serve and provide capital for extraordinary entrepreneurs anywhere who are determined to change the world. Over more than twenty years, DFJ has been proud to back approximately 350 companies across many sectors including such industry changing catalysts as Hotmail (acquired by MSFT), Baidu (BIDU), Skype (acquired by EBAY), Focus Media (FMCN), United Online (UNTD), Overture (acquired by YHOO), Interwoven (IWOV), 411 (acquired by YHOO), Parametric (PMTC), and Digidesign (acquired by AVID).
About Highland Capital Partners
Highland Capital Partners was founded with the mission of helping great people build great companies. Since its inception in 1988, the firm has taken a sector-focused approach to investing in exceptional communications, consumer, healthcare and information technology companies. With over $2.6 billion of committed capital, Highland has invested in and worked to create such firms as Ask Jeeves, Avid Technology, Be Free, CheckFree, Conor Medsystems, Continental Cable, Fastclick, Lycos, MapQuest, NameMedia, Ocular Networks, Qihoo, Quigo, Sybase, Telica, VistaPrint and WebLine Communications. For more information, visit Highland's web site at http://www.hcp.com .
About Steamboat Ventures
With offices in Los Angeles, Shanghai and Hong Kong, Steamboat Ventures is a global venture capital fund that invests in digital media and consumer technology companies in the U.S. and Asia. Steamboat Ventures pursues a distinctive investment strategy, cultivating investment opportunities that are simultaneously financially promising and also possess the potential to have significant strategic interest to The Walt Disney Company. Founded in 2000, Steamboat Ventures has invested in a range of leading digital media and consumer technology companies, including: Fastclick (acquired by VCLK), Iridigm Display Corporation (acquired by QCOM), Pure Digital Technologies, RazorGator, Quigo Technologies, Move Networks, EMN8, and 56.com. For more information, please visit http://www.steamboatvc.com .
