Sports-Streaming FuboTV Raises $55M, Plans Content Expansion
Closing a series C round of funding, FuboTV announced it has taken in an additional $55 million. The round was led by Northzone, a venture capital firm. Northzone partner Pär-Jörgen Pärson will take a board seat with FuboTV. Additionally, previous investors 21st Century Fox and Sky, as well as new investor Scripps Networks Interactive took part in the round. FuboTV has raised over $75 million altogether.
FuboTV is an over-the-top (OTT) network for sports fans. While it began by streaming soccer when it launched in January 2015, it's evolved into a skinny bundle service with content from the English Premiere League, NFL, NBA, MLB, and NHL, as well as dedicated channels for football, golf, and Big 10 college sports. The $35 monthly Premiere subscription (which beta launched in February and offers 55 channels) also includes standard broadcast and cable content from NBC, Fox, History, The Weather Channel, Bravo, and FX.
FuboTV plans to use this funding to grow its programming, and add staff to its engineering and product teams. Developing features that appeal to sports enthusiasts is a priority.
“Fubo is at the apex of capturing a fundamental shift in consumer behavior," says Pärson. "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.
The initial public offering will consist of 15 million shares of common stock, with an expected offering price of between $9 and $11 per share
The fast-growing sports-leading over-the-top subscription service takes funding from AMC and 21st Century Fox as it plans app improvements.
There may be peace in our time between Amazon and Apple. While that's good news for home streamers, it suggests Apple is no longer interested in creating a skinny bundle.
Verizon has also launched the 3.0 version of Go90, its ad-supported streaming service for millennials, now featuring more focused content areas.
While channel selection is limited, the unlimited cloud DVR helps make up for it. Look for the $35 monthly service to debut this spring.