YouTube co-founders' AVOS Systems scores Series A funding
The company's round was led by New Enterprise Associates, and as one might expect, Google Ventures.
AVOS Systems, the Internet venture started by YouTube co-founders Chad Hurley and Steve Chen, has closed a Series A venture capital financing round with some help from old friends.
Google Ventures led the Series A round, along with New Enterprise Associates, according to AVOS. Madrone Capital and China-based Innovation Works also participated in the financing. AVOS did not divulge how much it raised in the round.
Hurley and Chen made a name for themselves in the Web community back in 2006 when they sold YouTube to Google for $1.65 billion. In their new role as leaders of AVOS, they've bought social-bookmarking site Delicious from Yahoo. The new company also operates China-based Pinterest-like site, Mei.fm and is working on launching a magazine discovery and creation engine, called Zeen.
AVOS plans to use the new funds to "accelerate growth." The company is also eyeing possible acquisitions, though it didn't say what it might be considering buying.