ZoneTV, a company focused on bringing “digital first” programming to homes through pay TV partners, said it has closed a $4.1 million “seed” round led by Best Funds.
ZoneTV, formerly known as ES3, recently hired former AT&T exec Jeff Weber as, CEO.
The company initially focused on the TV apps market and is now looking to connect with millennial audiences by blending traditional pay TV and OTT service to drive new advertising and subscription revenue-sharing opportunities. Its partners include AT&T, Telefonica, MTS, Hawaiian Telecom, Telus, Frontier Communications, Bell, and CenturyLink.
“ZoneTV is quietly growing into a dominant player in their field,” said Alan Chettiar, VP of investments at Best Funds, said in a statement. “We believe they are poised to become the essential partner for cable companies looking to lead in the changing entertainment content delivery landscape. We have followed them for a number of years and we are excited to take this next step with Jeff and the team.”
“This investment by Best Funds positions us for a strong finish to 2015,” Weber added. “Our future is exciting as we are leaders in this new category of bringing digital content to Pay TV, have a strong management team in place with a proven track record, a new office location in Silicon Beach to sharpen our focus on digital media, and a strong history of working effectively with leading Pay TV operators to reach millions of homes.”
WCM Capital acted as corporate finance advisor to ZoneTV and arranged the financing with Best.