Rumor: Voole Prepares for Domestic IPO
National Business Daily, 11/09/12
Shao Yiding, CEO of Chinese video-on-demand website and IPTV platform operator Voole, announced today that the company is considering beginning a final round of funding in anticipation of an eventual domestic IPO. Shao revealed that the company has received various levels of funding from a combined 14 VC funds, large internet firms, and media companies including Tencent (0700.HK), Baidu (Nasdaq: BIDU), and Alibaba Group.
The company has already undergone two rounds of financing, receiving USD 20 mln to USD 30 mln in first rounding funding in 2008, and an undisclosed amount of funding in 2010.
According to Shao "Money is not important," what is important is to bring apps and services from Voole investor companies onto the Voole platform. Shao stressed that Voole would like to partner with online gaming firms, online messaging firms, online payment firms, and online users for future development.
At present, Voole's distribution network covers various telecom operators and TV broadcasters as well as mobile terminals. The company has partnered with operators in over 20 provinces and anticipates the number of new paying users added each month will reach 100,000 by the end of the year.
Editor's Note: For more information on this topic, please see "Voole Expects USD 20-30 mln Funding by Year-end" MD 10/24/08 issue and "Voole Plans 2013 Domestic IPO" MD 5/20/11 issue.
Keywords: internet TV M&A Shao Yiding Internet IPO funding television Voole VC VOD
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