Video Sharing Site 56.com Reportedly Receives $10 Million in Venture Funding

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According to local sources, video-sharing site 56.com has just completed its first round of venture financing and received approximately $10 million from Steamboat Ventures and SIG. The company will use most of the proceeds to improve the site's hardware and enhance the user experience. It will also increase expenditures on marketing and human resources. 56.com was founded in October 2005 and the site currently has 20 million registered users. Source: 163