CuriosityStream, the factual streaming service launched by Discovery founder John Hendricks, has raised about $140 million in a private placement offering to fund its next stage of growth.
Hendricks launched CuriosityStream in 2015. The service offers fact-based programming, documentaries and series for a monthly fee and is available on most devices and platforms worldwide, available to watch anytime, anywhere, without commercial interruption.
“This is an important step in a significant effort to connect CuriosityStream with viewers around the world,” said CuriosityStream CEO Clint Stinchcomb in a press release. “Hundreds of millions of people globally are migrating to on demand television and entertainment. We are in the middle of a seismic shift in consumer behavior, and this funding will accelerate the dynamic growth we achieved in the last 12 months.”
Stifel Investment Banking acted as sole placement agent. New investors include Blum Capital Ventures and TimesSquare Capital Management.
CuriosityStream said it will use the proceeds of the offering, in addition to its other revenue sources, to boost spending on factual programming, drive technological advancement in content discovery, and to market the service globally.
The service reached 1 million paying subscribers at the end of 2018, and now has library content with more than 2,000 titles. By the end of this year, CuriosityStream expects its viewers will be able to choose from more than 3,000 titles including more exclusive originals available in 4K.