What: Streaming sports platform FuboTV secured US $55 million funding to a total of US $75.6M raised to date.
Why it matters: The startup is looking to use this investment to expand its channel lineup and improve its technology.
Led by venture-capital firm Northzone, FuboTV has managed to raise US $55 million with the participation from 21st Century Fox, Sky and Scripps Networks Interactive.
Going from a US $10 a month soccer package, the streaming platform currently sells a US $35 a month, which includes channels from Fox, NBCUniversal and A+E Networks but not Scripps, which owns HGTV and Food Network. But FuboTV is not alone in the market. At the moment the startup faces competition from bigger and more experienced companies such as Sling TV, PlayStation Vue, DirecTV Now, YouTube and Hulu LLC, all with similar prices.
This is not the first time Fox and Sky decide to support FuboTV’s project. Last year the broadcasters helped raise a US $15 million funding round, they most see something big in the 3-year-old company.
The company will be increasing its marketing spend and use the funding also to develop new products that are designed specifically for people watching sports matches and related content.
According to CEO David Gandler, the company will be increasing its marketing spend and use the funding also to develop new products that are designed specifically for people watching sports matches and related content.