Video sharing site Dailymotion has raised EU17m in funding from privtae funding, as the video sharing site loo ks to win marketshare from YouTube. Based in France, Dailymotion attracts 60 million unique visitors worldwide a month. The site aims to post a profit next year, having reached breakeven this year. The new funding round was led by the French Sovereign Fund (FSI).
The French strategic investments fund, which is 49 per cent owned by the government, contributed $11m to the round, with all the existing investors, Advent Venture Partners, AGF PE, Partech International and Atlas Ventures, taking part. The money raised will be used to accelerate Dailymotion’s expansion abroad, alongside investment into delivering video to mobile phones and IPTV.