US-based online television streaming platform Philo has received $40m in series C funding from media companies and partners AMC Networks, Discovery and Viacom, Deadline reported on Tuesday.
Philo runs a service that enables subscribers to access live television online from a range of partners including all the series C investors. Users can watch live television or shows on-demand, and the platform offers an unlimited recording facility.
The platform was already available on Roku’s streaming player and the iOS and Android mobile platforms but has now been expanded to the Amazon Fire TV and Apple TV platforms, Philo said.
The series C capital will be channelled into marketing and the introduction of new features for the platform that will reportedly include a social media function. The company had been pursuing between $40m and $50m in funding, The Information reported last week.
AMC, Discovery and Viacom had joined fellow media companies A+E Networks and Scripps to invest $25m in Philo in a November 2017 round that increased its overall funding to $51m according to TechCrunch.
Two other media companies, HBO and CBC New Media, had participated in the company’s $10m series B round in 2015 alongside New Enterprise Associates (NEA), Rho Ventures, XFund and Philo CEO Andrew McCollum.
NEA had previously led Philo’s $6.3m series A round two years before, investing together with HBO, CBC, talent agency William Morris Endeavor, Radical Investments, Rho Ventures and Felicis Ventures.