Aereo Pockets $34M ‘C’ RoundWill Use Fresh Funds To Accelerate National Expansion Plan 1/07/2014 7:28 PM Eastern
Aereo said Tuesday that it has closed a $34 million Series C round of funding that it will tap into to support its “rapid” national expansion.
With previous rounds factored in, Aereo has raised $97 million. IAC was joined by media investor Gordon Crawford and Himalaya Capital Management, as well as existing investors Highland Capital Partners, FirstMark Capital and others for this fresh round of funding, Aereo said.
Aereo’s broadband-fed broadcast TV/cloud DVR service is up in 10 markets and will grow to 15 by the end of the first quarter of this year, the company said.
Aereo is currently up in New York City; Boston; Atlanta; Miami; Salt Lake City; Houston; Dallas; Denver; Detroit and Baltimore. Aereo has not revealed a subscriber figure on the service, which starts at $8 per month.
Aereo CEO and founder Chet Kanojia will provide more detail about the new funding round Wednesday at the Citi Global Internet, Media & Telecommunications Conference on Wednesday morning.
“Aereo has scaled very quickly in 365 days and this additional funding will allow us to maintain this rapid pace of growth. We are thrilled to have a world-class group of investors who believe innovative, cloud-based technologies, like Aereo, are the future,” Kanojia said, in a statement issued Tuesday.
Aereo, which is battling with broadcasters over the legality of its service, said in December that it would not oppose the broadcasters’ petition to the U.S. Supreme Court.