Chinese Online Video Site Gets $20 Million Funding

The Chinese online video funding boom may be abating a bit, but the timing of this one predates the economic crisis in its current form., a Chinese online video site, has received $20 million in its third round of funding, though the company makes clear this was closed prior to the Beijing Olympic Games. LB Investment led the investment, followed by Ceyuan Ventures and Qiming Venture Partners. LB is a strategic investment company affiliated to LG (SEO: 066570) Electronics.
In December 2005, for its first round of $1 million from Ceyuan Ventures and in March 2007 received $10 million from Ceyuan Ventures and Qiming Venture Partners. Founded in Jan 2006, the site has deals with CCTV, ESPN (NYSE: DIS), SMG and (Phoenix TV), and has been broadcasting major games like the 15th Asian Games Doha 2006, the 2006 FIFA World Cup, and various major NBA games. PPS was the first to be authorized the official right to broadcast the 2008 Beijing Olympic Games online, as a partner of CCTV.COM, the official website of the Games. More details here.