Aereo, a US-based company looking to bring broadcast television to internet subscribers, has raised $38m in its series B round co-led by internet company InterActiveCorp (IAC) and venture capital (VC) firm Highland Capital Partners.
In February last year, Aereo raised $20.5m in its A round co-led by IAC.
Joining IAC in the A round were VC firms FirstMark Capital, First Round Capital, Highland Capital Partners and High Line Venture Partners, and several angel investors.
Apart from IAC, all were investors in Aereo’s $4.5m seed round April 2011, raised under its previous name of Bamboom Labs. Additional seed backers included microfund SV Angel, while Lauder Partners, the investment vehicle for Gary Lauder, the founder of interactive TV company ActiveVideo, is also an investor.
Aereo provides a television streaming service available on any device with an internet connection that grants access to all US TV networks and local channels, and which comes with 40 hours worth of programming through its cloud-based digital recording service.
After launching in New York City last year, Aereo said it would be expanding to 22 cities in the US this year.