Chinese video portal Pomoho to receive RMB 6 Million in government funding
Daily Economic News today revealed that the Chinese video hosting service Pomoho silently relocated its HQ from Beijing to Hangzhou. There the
company apparently will receive around 6 Million RMB (900.000 US$) in funding through a newly set up "Government Venture Capital Fund" from the Hangzhou city government. Additionally, Pomoho is
expecting to raise another 10 to 20 Million US$ in foreign investments, mainly from their previous investor, an undisclosed Singaporean Venture Capital Company.
According to the report this new venture round will mostly be used to further develop and implement Pomoho's ‘Triple Video’ Strategy to attract new viewers. Besides focusing on the existing Web Platform, the company plans to contract more private TV channels and adapt their services for the upcoming 3G standard.
For additional information you can find the original report by IT168.com here http://d1.it168.com/show/14204.html (Chinese only)