PPS.tv Raises $20 Million Series C
PPS.tv is a Chinese video user-generated content website. PPS has just raised $20 million in Series C according to paidContent. PPS announced that this round of funding was to arrive prior to the Beijing Olympic Games. LB Investment, Ceyuan Ventures, and Qiming Venture Partners provided the funding to PPS. LB is the investment arm of LG Electronics.
PPS’s first round of funding was $1 million from Ceyuan in Dec. 2005. The second round of funding was $10 million in Mar. 2007 from Ceyuan and Qiming. This brings PPS to $31 million. PPS’ partners include CCTV, ESPN, SMG, and Ifeng.com. PPS broadcasted the 15th Asian Games Doha, the 2006 FIFA World Cup, and several NBA games.
“Ever developing stages of online services application markets such as e-mail, portals, searching, instant messaging, online games, community and online shopping have turned Chinese youngsters into an e-generation, and consequently online TV is bound to become one of the biggest highlights of Internet applications,” stated Wang Chin, CIO of LB.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry