AdRise, the US-based, corporate-backed operator of online streaming platform Tubi TV, has raised $21m in funding from an undisclosed investor, NewsCenter.io has reported.
A regulatory filing made last week reveals AdRise is seeking a final close of $24.2m for the round.
Tubi TV is an online movie streaming platform that relies on monetisation through advertising rather than subscription fees. Viewers can access content through dedicated apps on mobile devices, games consoles, set-top boxes and smart TVs.
The platform offers content from providers such as mass media company Time, film studios including Paramount and television broadcasters like ITV and Starz.
Film production companies Metro Goldwyn Mayer and Lionsgate contributed to AdRise’s $6m series A round in late 2015 alongside Cota Capital, Foundation Capital, and angel investors Bobby Yazdani, Mark Amin, Noosheen Nazem and Zod Nazem.
Foundation Capital had previously led the company’s $2m seed round in 2012 before providing an additional $2.1m two years later.