$10M for South Korea’s PandoraTV

We don’t hear much about U.S. video-sharing portals getting fresh rounds of financial support these days, but elsewhere the money’s still flowing. South Korean video-sharing website PandoraTV announced this week it had raised $10 million in venture funding from DCM, Altos Ventures, STIC International, and Saehan Ventures.

PandoraTV claims to be the largest internet video site in South Korea, with 12 million unique visitors and 1.2 billion page views per month. The company points to significant growth during this year’s election, when presidential candidates used the service to broadcast their own videos.

The videos featured on the main page of the site seem to be primarily advertisements for things like Baskin Robbins and Vans. PandoraTV says it also has quite a bit of user-contributed content, which is encouraged by rewarding contributions with points.

Along with the investment, DCM’s David Chao has joined PandoraTV’s board of directors. We should note he serves in a similar capacity at BitTorrent.

PandoraTV had reportedly raised $6 million in its last round.