MobiTV Takes $50M in Funding, Plans to Spur Growth Abroad
MobiTV announced it has taken $50 million in new funding from Oak Investment Partners, Ally Financial, and Cedar Grove Partners. It will use the money to drive growth in foreign markets and improve its Connect platform, which helps pay TV operators create IP-based services that use apps and stream to connected devices and TVs.
MobiTV Connect is used by Citizens Fiber, Windstream, and EPB. The platform represents $200 billion in global revenue annually, the company says.
“Our vision of creating leading-edge video experiences and technology in a unique, cost-effective manner has allowed MobiTV to win business faster than anyone else in the industry, with 90 operators selecting MobiTV Connect since we first launched the platform in 2016,” said Charlie Nooney, MobiTV's chairman and CEO. “We continue to demonstrate our ground-breaking approach to addressing operator challenges as they upgrade their pay TV offering in an increasingly competitive marketplace.”
What makes MobiTV appealing, said Bandel Carano, managing partner for Oak Investments, is that it lets consumers use their existing streaming devices and eliminates the need for cable boxes.
MobiTV took $21 million in funding in February 2017, which it also earmarked for the Connect platform. Its total funding is now around $230 million.
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The MobiTV Connect Platform, which helps pay TV operators make the transition to IP delivery, will get much of the investment.
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