FSI to invest in video-sharing site

PARIS, FRANCE: France's FSI strategic investment fund said on Thursday it would take part in a 17 million euros ($25 million) capital raising deal for web video share site Dailymotion, the Gallic rival of Google's Youtube.

The money raised will be used to accelerate Dailymotion's expansion, notably abroad, the statement said.

The FSI will invest 7.5 million euros in the transaction, next to Dailymotion's fistorical shareholders Advent Venture Partners, AGF Private Equity, Atlas Venture et Partech International.

A spokesman for the FSI would not say what percentage of DailyMotion's capital the FSI would buy.

The FSI will be represented on the board of directors of DailyMotion, which claims 60 million unique visitors worldwide.