Beijing – Chinese online video portal Tudou has filed to
raise up to $120 million in an initial public offering (IPO) on the Nasdaq,
according to a regulatory filing. Founded in 2005, Tudou has raised more than
$135 million in venture capital financing, from investors including Sennett
Investments, Crescent Peak, First Easy Group, IDG Technology, General Catalyst,
JAFCO Asia, Capital Today and Venrock Associates.
The company reported revenue
of $33.6 million for the first nine months of 2010, up 230% from the same
period a year ago, but posted a net loss of $12.5 million for the same period.
said it will use proceeds from the offering to fund development of additional
in-house content, bolster its infrastructure, and for general corporate
purposes, including possible acquisitions.
(DMW previous coverage)