Roku, a US-based television internet streaming company backed by corporates including media conglomerates Hearst and News Corporation, has raised $25m from undisclosed sources, according to an SEC filing.
Roku was founded in 2002 by Anthony Wood, the inventor of the digital video recorder. It provides free and paid online programming that can be streamed through a set-top box.
The company has now secured more than $150m in funding since it was founded in 2002, and has confidentially begun talks with investment banks over an initial public offering that could raise up to $150m, according to the Wall Street Journal.
In June 2013 Roku raised $60m in a series F round led by mutual fund manager Fidelity, which was joined by publisher Hearst’s corporate venturing unit Hearst Ventures, satellite television group BSkyB and BSkyB’s media parent, News Corp.
US-listed News Corp and BSkyB participated in a $45m round for Roku in 2012, along with venture capital firms Menlo Ventures and Globespan Capital Partners, as well as an unnamed strategic investor, now understood to be internet film distributor Netflix.
Ray Rothrock, partner at venture capital firm Venrock, is newly listed as a director on the filing, according to news provider CityBizList.