Tivli, a US-based startup that delivers television via an IP-based service to university students, has completed a $6.3m series A financing led by venture capital firm New Enterprise Associates (NEA), with participation from venture investors Felicis Ventures and Rho Ventures, and strategic investors including CBC New Media Group (a division of communications company Capital Broadcasting Company), television company Home Box Office, Radical Investments and WME.
The new funds will be used to fuel Tivli’s expansion in the university market and other operational and strategic initiatives.
James Goodmon, Capitol Broadcasting Company’s vice president of New Media, said: “For us, Tivli is about reaching the next generation of viewers on every kind of television. Students are forming new types of viewing habits and it is important for local broadcasters to be in the mix. Tivli has a smart and talented team with a strong commitment to user experience and content rights.”
Mark Cuban, chief executive officer of Radical Investments, said: “I’m excited to be part of Tivli and think they are the future of entertainment on college campuses. Tivli is a great complement for AXS TV and my other entertainment investments.”
Patrick Chung, Partner, NEA, said: “Tivli was one of the very first companies we met on campus as part of the exceptional community of talent we’ve built with the Experiment Fund at Harvard.”
Tivli began in a Harvard dorm room when Tivli co-founders Tuan Ho and Nicholas Krasney wanted a more convenient way to watch TV on campus and created Tivli’s first streaming service. Tivli was incubated by Harvard Student Agencies, the Technology and Entrepreneurship Center at Harvard, Summer at Highland, Fresh Pond Partners, and the Harvard Innovation Lab (i-lab).
The company’s seed investors included NEA, Flybridge Capital Partners, the Experiment Fund, Felicis Ventures and TriplePoint Capital.