US-based multichannel video programming distributor (MVPD) FuboTV secured $15m yesterday in a series B round co-led by broadcaster Sky and entertainment studio 21st Century Fox.
The corporates each provided $6m of the funding, with the rest supplied by DCM Ventures, Luminari Capital, LionTree Partners and angel investors Edgar Bronfman, Jr, Chris Silbermann and David Stern.
Launched in January 2015, FuboTV offers an over-the-top (OTT) subscription service that bundles together sports TV channels consisting of English, Spanish and Portuguese content with a particular focus on football. It claims to be the fastest growing virtual MVPD in the US.
Neither Sky nor 21st Century Fox, are licensing content to the company, but plan to “work closely” with it in future. Sky holds the UK broadcasting rights to a range of English and European football matches.
The round took FuboTV’s overall funding to $20.6m and follows a $4m series A round in August 2015 that featured broadcaster Univision Communications, which does supply content to the platform, I2BF Digital, LionTree Partners and Luminari Capital.
Fox is a shareholder of Sky and James Murdoch acts as chairman of both companies, each of which will take board positions at FuboTV in the wake of their investments.
David Gandler, CEO of FuboTV, said: “The support from two of the most prominent media companies in the world strongly positions FuboTV to meet the demands of the quickly evolving sports rights ecosystem.
“Investment from 21st Century Fox, Sky and the prominent individuals and organisations part of this series B round demonstrates our potential to become leaders among linear OTT services.”