New York – YOU On Demand, which claims to be the first national pay-per-view and video-on-demand platform in China, said on Wednesday that it ha raised $10.9 million through a private placement of its shares.
The single largest investor was FIL Investment Management (Hong Kong), which now holds 9.4% of the company’s stock.
New York-based YOU On Demand said it will use the funds to continue development of its video distribution platform, as well as for marketing, promotions and general corporate purposes.
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