fuboTV, the sports-focused virtual MVPD, said it has closed a $55 million Series C round led by Northzone, along with participation from Scripps Networks Interactive and 21st Century Fox and Sky, which joined fuboTV's Series B round last year.
fuboTV, which launched in January 2015, has raised more than $75 million. Northzone, an early investor in companies such as Spotify and Avito, is also taking a board spot at the vMVPD. LionTree Advisors served as financial advisor and placement agent for fuboTV’s latest funding round.
The new investment comes on the heels of the launch of Fubo Premier, a no-contract pay TV package with more than 55 channels that’s selling for the introductory discounted price of $34.99 per month.
With more funding in-hand, fuboTV said it plans to expand its basic line-up, broaden its engineering and product teams to improve its back-end technology, to build additional features, and to expand marketing efforts.
fuboTV, which competes in the vMVPD sector with services such as Sling TV, DirecTV Now, Hulu, PlayStation Vue, and YouTube TV, has not announced subscriber figure since the beta debut of its new Fubo Premier package in February.
“Closing this latest round of funding is testament to our ability to execute efficiently in a very competitive market, and to our investors’ acute understanding of the future of our industry. Long term, we are best positioned to drive value for all major media companies and consumers in the U.S. and abroad,” David Gandler, co-founder and CEO of fuboTV, said in a statement.
“At Scripps Networks Interactive, we believe that defining and responding to changing consumer behavior is essential to our continued success,” added Henry Ahn, president of content distribution and marketing at Scripps Networks Interactive. “David and his team have created an exciting and innovative global platform that helps engage a new generation of consumers, and our investment in the team and their technology will enable them to continue to develop their offering and reach for the long-term.”