Tudou’s 3-Year Birthday Gift, $57 Millions Forth Round Fund Confirmed

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The rumor about Tudou, the leading Chinese video-sharing site’s forth round fund is confirmed today. $53 $57 millions, the 3-year birthday gift is from IDG, GeneralCatalyst, GGV and Rockefeller family.

“The money will be used mainly for the company’s management and operation, bandwidth-consuming and revenue-sharing with video producers (the third parties and individuals are expected to have 10%-30% revenue share)”, said Zhiqi Wang, CFO of Tudou.

Gary Wang, founder and CEO of Tudou also said that Tudou was ready to start paying off the investment in 2008. Gary is confident with Tudou’s business model but he also said that it was still too early for IPO.

It was also reported that other two popular video-sharing sites, 56.com and Youku.com might announce their new round fund very soon. If the rumor is confirmed ($25 millions for 56.com and $30 millions for Youku.com), the total amount of money into Chinese online video industry will reach $100 millions within only a month.

[via ChinaVenture.com.cn]