fuboTV, a subscription-based OTT platform that specializes in live streamed soccer matches, has notched a $4 million “A” series of funding that will be used to expand TV network deals, add features and pump up the marketing of the service.
The round was led by DCM Ventures and included participation from I2BF Digital, LionTree Partners and Luminari Capital, and seed investments from Anthony Vinciquerra, the former CEO of Fox Networks Group, and Blake Krikorian, co-founder of Sling Media, the place-shifting pioneer sold to EchoStar Communications in 2007 for $380 million.
Following the new round, Jason Krikorian, general partner at DCM Ventures and a co-founder of Sling Media, and Daniel Leff of Luminari Capital have joined the fuboTV board.
Launched in January 2015, fuboTV has raised a total of $5.6 million in funding, and claims to be profitable. The OTT service provides access to live games and tournaments via a group of partners spanning linear cable channels, 24-hour club channels, and TV series. Examples of fuboTV's content partners include beIN Sports, GoITV, Benfica TV, AJAX Amsterdam, Borussia Dortmund and Everton.
New York-based fuboTV offers its service on Web browsers, Amazon Fire TV, Google Chromecast, IoS and Android tablets and smartphones, Kindle Fire tablets and the Roku platform.
fuboTV’s service starts at $6.99 per month, and generates revenue through a mix of subscriptions, partnerships and advertising. It claims to have more than 160,000 registered users, a group that is growing at about 56% per month on average. The company has 18 employees.
“This investment further validates our mission to provide soccer fans all over the world with a content platform that is as dedicated to this incredible sport as they are,” said fuboTV CEO and co-founder, David Gandler, in a statement. “fuboTV launched just eight months ago in the U.S. market, which has more than 60 million soccer fans.”
“fuboTV is the first company to crack the code on how to curate video programming that reaches focused, yet large audiences,” added Jason Krikorian. “In a short period of time, fuboTV has secured and monetized a remarkable amount of live soccer games from networks all over the world. Innovative companies like fuboTV are transforming the way networks reach consumers and the way they consume content.”