Sports-first streaming service FuboTV announced today that it has raised $15 million in Series B funding, led by Sky and 21st Century Fox, which each invested $6 million. As part of the deal, both Sky and 21st Century Fox will take board positions.
To date, FuboTV has raised a total of $20.6 million. The new round of funding will be used to grow the its OTT platform, develop new features and drive subscriber acquisition.
Launched in January 2015, FuboTV has a base of more than 40,000 subscribers, which is largely made up of millennial males and Latin Americans (30%), according to the company.
FuboTV calls itself a “virtual MVPD” because its content is presented on programmed channels with live video streams, with an interface similar to a cable service, as opposed to on-demand. (Other OTT services that use this model include Pluto TV.) It has distribution deals with TV networks such as Univision, beIN SPORTS, GolTV and Benfica TV that hold U.S. rights to major sporting events, including soccer matches from more than half of the leading international soccer leagues and tournaments. It recently expanded its offerings with licensing deals with millennial-targeting entertainment networks including El Rey Network, Pivot and Revolt.
FuboTV does not currently have content deals with new 21st Century Fox or Sky, but both companies intend to work closely with FuboTV, according to a release announcing the investment round.
Priced at $9.99 a month, FuboTV is available on desktops via www.fubo.tv, as well as Amazon Fire TV and Fire TV Stick, Android phones and tablets, Apple TV, Chromecast, iPad, iPhone; Kindle Fire, Roku and T-Mobile’s Binge On.
In August 2015, FuboTV closed a $4 million Series A round led by DCM Ventures that also included contributions from I2BF Digital, LionTree Partners, Luminari Capital and Univision Communications Inc., as well as seed investments from Anthony Vinciquerra, former CEO of Fox Networks Group, and Blake Krikorian, co-founder of Sling Media.
The Series B round also includes investments from DCM Ventures, Luminari Capital, LionTree Partners, Edgar Bronfman, Jr. (managing partner at Accretive LLC and former CEO and chairman of Warner Music Group), Chris Silbermann (founding partner, ICM Partners) and David Stern (former NBA commissioner and member of the Basketball Hall of Fame).