Wednesday, April 05, 2006

YouTube receives $8 million in venture funding | | CNET

"Video upload site has received $8 million in funding from venture capital firm Sequoia Capital, the companies announced Wednesday.
This latest round of funding comes five months after Sequoia invested $3.5 million into YouTube, a site that has grown rapidly by building an online community where a mixture of homemade and professionally produced video clips are presented.
'The additional capital will be used to advance the company?s rapid growth, expand sales and marketing efforts,' the company said in a statement, adding that the money will also go to helping the company expand its data centers.
Formed 13 months ago, San Mateo, Calif.-based YouTube said that the site handles about 35 million viewings and receives 35,000 clips uploaded daily."

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