Altos Ventures and STIC International, two Silicon Valley-based venture capitalists, have led a $6.3 million (€5 million) funding round to support the growth of PandoraTV, an internet video portal that enables the watching and sharing of videos online.
The transactions represents the first internet platform investment by Silicon Valley venture groups in Korea since December 2004, when US-based Oak Investment Partners backed G-Market, an online shopping site.
Along with the US houses, Seoul-based venture capital firm Saehan was also part of the consortium.
The funding will be used to expand the service offerings and network infrastructure of PandoraTV, according to a press release.
Founded in October 2004, PandoraTV says it has a registered membership base of over 1.2 million and 300 million monthly page views. The firm boasts of pioneering the trend of user-created content in the Korean internet video market.
“The company has reached a number of critical milestones and we were impressed the management team have achieved so much in a period of one year,” Steven Lee, partner of STIC International, said in the statement.
With offices in Palo Alto, Hong Kong and Seoul, STIC and its affiliates jointly manage over $750 million. The firm invests in private companies through direct equity and fund of funds partnership in countries in North America and Asia.
Altos is a first-stage VC firm located in Menlo Park.