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PPS.TV Announces Completion of Third Round Financing of US$20 million
SHANGHAI, China, Oct 17, 2008 /Xinhua-PRNewswire via COMTEX/ --
PPS.TV recently announced
details of its third round financing which was completed before the Beijing
Olympic Games. LB Investment led the investment totaling around US$20 million,
followed by Ceyuan Ventures and Qiming Venture Partners.
LB is a strategic investment company affiliated to LG Electronics that
currently manages 14 funds. The leading investing side LB China Fund was
established mainly for fast growing Chinese companies in August 2007.
Wang Chin, Chief Investment Officer of LB said, "Ever developing stages of
online services application markets such as e-mail, portals, searching,
instant messaging, online games, community and online shopping have turned
Chinese youngsters into an e-generation, and consequently online TV is bound
to become one of the biggest highlights of Internet applications."
As an investor, Wang Chin is concerned most about how fast the profit mode
of advertising revenue is accepted by the market. However, PPS has completed
the establishment of its technical platform and user base, a major highlight
that attracted LB, by "their leading technology, efficient teamwork, fast-
growing capability, large user base and long-term strategic objectives."
Vincent Xu, president of PPS.TV, disclosed that there are three main
reasons for choosing LB. Firstly, supported by LG, LB has provided higher
added value, which is reflected not only on the access to advertising
resources, but also on the ability to provide more technical support.
Secondly, LB Fund is highly efficient in investment decision-making. It
only took about 2 months from the initial agreement between the two parties to
the funds' arrival in PPS's bank account.
Thirdly, LB accepts the current management mechanism, so that the core
founding team of PPS.TV can retain the original operation mode of the company.
Gan JianPing, Managing Director of Qiming Venture Partners expressed that
they would have added their investment to meet PPS's financing needs, despite
the involvement of these two venture capitals.
As an investor, Gan JianPing showed his generous appreciation of the PPS
team, "Team performance has greatly excelled our expectation, and PPS has been
a leader in the industry in terms of numbers of registered users, spontaneous
on-line users and technology."
According to the August statistics in iResearch's post Olympic survey,
multiple iUser Tracker statistics of PPS such as average active daily users,
average daily viewing time, average daily software downloads, and total
monthly viewing time continue to rise and show a rapid growth trend. The
statistics also show that the average daily users of PPS's software has broken
7 million in August, out performing its two main competitors PPLive with 4
million users and UUSee with 2.7 million users, and takes over 50% of the user
based market share. Obviously, PPS has firmly consolidated its leadership in
the online TV industry. (Data source: iUserTracker 2008.10, iResearch Inc.)
In December 2005, PPS.TV obtained the first round of financing US$1
million from Ceyuan Ventures and in March 2007 obtained the second phase of
joint financing US$10 million from Ceyuan Ventures and Qiming Venture Partners.
About PPS
PPS ( http://WWW.PPS.TV ), officially established in January of 2006, is
the leading online TV in the world with the largest user base, contributing to
a monthly view time of over 60 billion minutes. It currently provides 6,000
sets of channel programs to ten million daily active users, or over 100
million monthly users. Leveraging the most competitive products and online
video techniques and experience, PPS provides internet users with a
comprehensive one-stop online video service. It currently offers video
encyclopedia, video showcase, and online community service to the worldwide
Chinese viewer community. PPS partners with top media groups like CCTV, ESPN,
SMG and Ifeng.com (Phoenix TV) to broadcast most recent and 'trendy' contents,
including major sporting events like the 15th Asian Games Doha 2006, the 2006
FIFA World Cup, and various major NBA games. In June 2008, PPS was the first
to be authorized the official right to broadcast the 2008 Beijing Olympic
Games online, as the premier partner of CCTV.COM, the official website of the
Games.
About LB Investment
LBI invests in talented entrepreneurs who have both clear strategic and
operative plans that capitalize on attractive market opportunities, and
achieve rapid, sustainable growth.
Since its founding in 1996, LBI has been one of the largest and most
successful venture capital firms in Korea. LBI invests in early-stage and
expansion-stage private companies, primarily in the information and technology
sectors. The firm successfully manages over US $180 million in assets.
For further information, please contact:
Text 100 Public Relations
Janice Xu
Tel: +86-21-6426-3989 x235
Fax: +86-21-6426-3986
Email: janice.xu@text100.com.cn
Elaine Gao
Tel: +86-21-6426-3989 x229
Fax: +86-21-6426-3986
Email: elaine.gao@text100.com.cn
SOURCE PPS.TV
http://WWW.PPS.TV
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