PRESS RELEASE YouTube Receives $3.5M in Funding From Sequoia Capital

"YouTube, a consumer media company for people to watch and share original videos through a Web experience, today announced it has completed a $3.5M round of private equity funding from Sequoia Capital. YouTube, founded by Internet commerce pioneers from PayPal, has developed a new service that allows people to easily upload, tag, and share personal video clips through www.YouTube.com and across the Internet on other sites, blogs and through e-mail. The service also allows users to create their own personal video network. "