Yunfeng leads $29m round for China media company
China-focused PE firm Yunfeng Capital has led a RMB200 million ($29 million) Series B round of funding for Tianjin Galaxy Cool Media, a local online video content producer.
Angel fund Aplus Capital and Chinese video-streaming platform Youku Tudou - which is owned by Alibaba Group - also took part in the round.
The two-year-old company focuses on producing short videos, movies and internet TV dramas. Shortly after its establishment, Galaxy secured a strategic investment from Youku Tudou and education platform Talkweb.
As part of the agreement, it teamed up with Youku Tudou last year to jointly produce an online variety show called Mars Intelligence Agency. The show was broadcast on Youku Tudou’s online channel, attracting more than a billion viewers and generating considerable advertising revenue, the company told local media.
Following the new investment, Galaxy plans to develop and exploit intellectual property linked to Mars Intelligence Agency, and produce films with Alibaba Pictures Group. It also wants to make a shopping TV show with Alibaba’s e-commerce site Taobao.
Yunfeng was set up by Jack Ma and David Yu, founders of Alibaba and Target Media. Previous investments in the online media space include book and movie reviews platform Du Yao as well as Youku Tudou. The firm has US dollar-denominated and renminbi funds. Its latest dollar vehicle closed at $1.1 billion in 2014.
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