AdRise, the US-based operator of web-based entertainment provider Tubi TV, has closed a $6m series A round featuring film production studios Metro Goldwyn Mayer and Lionsgate, Variety reported yesterday.
The round was also backed by Cota Capital, Foundation Capital, and angel investors Bobby Yazdani, Mark Amin, and Noosheen and Zod Nazem. AdRise previously raised $2m in a 2012 seed round led by Foundation Capital, adding a further $2.1m in March 2014.
Tubi TV is a free on-demand service that provides premium cinematic and TV entertainment to customers.
The deal will also involve MGM and Lionsgate providing access to hundreds of their premium library titles, adding to some 40,000 titles already licensed from partners including TV and film entertainment producer Paramount.