Stealth web company 1Verge Inc raises $25M
Update: PEHub got confused on this one, which confused us. Youku is actually part of 1Verge and the funding was actually for Youku, which we’ve covered here.
Victor Koo, founder of Chinese video-sharing site Youku, has a new venture called 1Verge Inc. While still in stealth, it is reportedly “focusing on wireless convergent and Internet media”. Koo, the former head of Chinese search company Sohu.com has raised $25 million for the company from Farrallon Capital, Chengwei Ventures, Brookside Ventures and Sutter Hill Ventures, according to peHUB.
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About the Author, Eric Eldon
Eric currently covers digital media technology and business news, especially what's happening on social networks and their platforms. He also writes and edits stories about venture capital, and lots of other stuff, too. He started at VentureBeat in the spring of 2007, half a year or so after Matt Marshall left his reporting job at the San Jose Mercury News to found the site. Eric previously cofounded a startup called Writewith, that was building editorial software for newspapers and other groups of writers. The startup didn't work out, but he learned a lot.