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YouTube receives $8 million in venture funding

Greg Sandoval Former Staff writer
Greg Sandoval covers media and digital entertainment for CNET News. Based in New York, Sandoval is a former reporter for The Washington Post and the Los Angeles Times. E-mail Greg, or follow him on Twitter at @sandoCNET.
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Greg Sandoval

Video upload site YouTube.com has received $8 million in funding from venture capital firm Sequoia Capital, the companies announced Wednesday.

This latest round of funding comes five months after Sequoia invested $3.5 million into YouTube, a site that has grown rapidly by building an online community where a mixture of homemade and professionally produced video clips are presented.

"The additional capital will be used to advance the companyÂ’s rapid growth, expand sales and marketing efforts," the company said in a statement, adding that the money will also go to helping the company expand its data centers.

Formed 13 months ago, San Mateo, Calif.-based YouTube said that the site handles about 35 million viewings and receives 35,000 clips uploaded daily.

In the three months since officially launching the site, the 20-employee company has surpassed older video-upload offerings from Google and Yahoo.