Korean Video Site Closes $10 Million Financing Round

SEOUL, April 3: Pandora.TV, South Korea’s largest online video
site, has completed a Series B financing round of US$10 million led by DCM
(formerly Doll Capital Management), a Silicon Valley-based venture capital
firm.

Existing investors Altos Ventures, STIC International and
Saehan Ventures also participated in the round. The funding will be used to
support the company’s growth, expand its service offerings and finance the
further build-out of its network infrastructure. Pandora.TV also reported that
David Chao, co-founder and general partner of DCM, has joined its board of
directors.

“Pandora.TV has quickly become the dominant Internet video
site in South Korea, significantly outpacing its Korean and U.S.-based
competitors in one of the most wired nations in the world,” said Chao. “Already
among South Korea’s top-10 online brands, Pandora.TV’s platform is arguably the
country’s biggest catalyst for a rapidly emerging video culture that’s changing
how Koreans view societal happenings, and how they create and consume
entertainment.”

Pandora.TV has a monthly unique user base of 12 million and
1.2 billion monthly page views. “Soaring traffic, a strong brand, and an
established business platform that’s driving revenue from advertising,
partnering and subscriptions have created a very bright outlook for Pandora.TV,”
said Peter Kim, the founder and CEO of the site.