MUMBAI: fuboTV (fubo.tv), a leading sports-first streaming TV service in the U.S., has announced that it has raised an additional $ 55 million. The Series C round was led by leading Europe and New York-based VC fund Northzone, which will take a board position at the company. Also participating in the round are 21st Century Fox and Sky – both previously part of fuboTV’s Series B round – and Scripps Networks Interactive. The total investment raised to date by fuboTV is now more than $75 million.
LionTree Advisors served as financial advisor and placement agent for this round.
Launched in January 2015 as a streaming soccer service, fuboTV has evolved into one of the top virtual MVPDs in the U.S., bringing subscribers access to dozens of sports, entertainment, and news channels. The company launched its expanded “Fubo Premier” entry-level bundle in April 2017 with a line-up of 55-plus channels, including 31 that feature sports content – more than any competitor’s similar package. This live streaming TV line-up features coverage of the most popular sports teams, leagues, and tournaments in the world, as well as both professional and collegiate local teams via regional sports networks (RSNs) from Fox Networks Group and NBCUniversal. All channels available via Fubo Premier, as well as several add-on options, can be found at fubo.tv/welcome/channels; and a list of channels, broken down by sports carried, can be seen on this chart.
With the closing of this fundraising round, Fubo plans to expand its basic line-up with new programming offerings; grow its engineering and product teams to continue to improve its state-of-the-art, back-end technology and build additional features focusing on its sports fan enthusiasts; and expand marketing efforts.
Pär-Jörgen Pärson, partner at Northzone, who is joining the fuboTV Board, commented: “Fubo is at the apex of capturing a fundamental shift in consumer behavior. Just like we saw as early investors in Spotify within the music business, this will be potentially an even bigger game changer as television consumption moves online to mobile devices, computers and TV apps. Sports represents prime real estate in the television market, with a massive and engaged audience share, and Fubo has already achieved market-leading coverage of the best live sports content. David and his team have achieved incredible growth in the two years since launch, and we are excited to be partnering with Fubo as they take the next steps in building the online live sports experience of the future.”
fuboTV co-founder and CEO David Gandler said: “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.”
Scripps Networks Interactive president of content distribution & marketing Henry Ahn added: “At Scripps Networks Interactive, we believe that defining and responding to changing consumer behavior is essential to our continued success. 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.”
Currently being offered at a discounted introductory rate of $34.99 per month, Fubo Premier is available with no long-term contract and for a free seven-day trial. In addition to streaming their favorite programming live, on demand or via DVR on fubo.tv, and through Fubo’s mobile and over-the-top (OTT) apps (see below for a full list of compatible devices), it was recently announced that subscribers can also use their Fubo credentials (name and password) to log directly into several popular channels’ websites and apps. This includes authenticated access to live and on demand programming – including additional content exclusive to these platforms – at no additional cost.
