YouTube Uploads $8M in Funding
Largest Internet Video Entertainment Community to Grow Service and Infrastructure with Continued Support from Sequoia Capital
SAN MATEO, Calif. – April 5, 2006 – YouTube, a consumer media company for people to watch and share original videos through a Web experience, today announced it has received $8M in Series B funding from Sequoia Capital. This contributes to the initial $3.5M in Series A funding from Sequoia Capital completed in November 2005. The additional capital will be used to advance the company's rapid growth, expand sales and marketing efforts, and to accelerate the build-out of its world-class data centers.
"This is the birth of a new clip culture where the audience is now in control more than ever," said Chad Hurley, CEO and co-founder of YouTube. "With more than 35 million videos being watched daily on YouTube, our community is extremely passionate about watching and sharing videos. As the leading video entertainment destination on the Internet, we are committed to offering the best user experience and the best platform for people to share their videos around the world. The continued support from Sequoia will help us reach this goal."
YouTube is the largest community on the Web for short-form video, with tens of thousands of clips uploaded every day by indie filmmakers and musicians, professional content creators, and anyone with a video camera or camcorder. Entertainment by its nature is both a personal and communal experience and YouTube is providing the stage. Everyone can express themselves by creating content and distributing it through YouTube—and our community decides which videos rise to the top.
"YouTube is at the forefront of a cultural shift in digital media entertainment and media distribution and we are delighted to continue our support," said Roelof Botha, Sequoia Capital partner and board member. "With more than 100M page views per day and 6M unique users daily, YouTube has an opportunity to expand its business while allowing its users to continue to share in the entertainment experience they have created."
"We are pushing the boundaries of the Internet in ways that are unparalleled," said Steve Chen, CTO and co-founder of YouTube. "By accelerating the build-out of our data centers around the world, we are poised to continue to serve up billions of videos in the most scalable and cost-effective way."
About Sequoia Capital
Since 1972, Sequoia Capital has provided startup venture capital for very smart people who want to turn ideas into companies. As the "Entrepreneurs Behind the Entrepreneurs," Sequoia Capital's Partners have worked with innovators such as Sandy Lerner and Len Bozack of Cisco Systems, Jerry Yang and David Filo of Yahoo!, Gaurav Garg of Redback Networks, Larry Page and Sergey Brin of Google, Dan Warmenhoven of Network Appliance, T.J. Rodgers of Cypress Semiconductor, Lou Tomasetta of Vitesse Semiconductor, Steve Jobs of Apple Computer and Larry Ellison of Oracle. The companies organized by Sequoia Capital now account for about 10% of the value of NASDAQ. To learn more about Sequoia Capital visit www.sequoiacap.com.