Samsung Venture Investment Corporation, a corporate venturing subsidiary of electronics manufacturer Samsung, invested $5m in US-based online television platform Pluto TV on Tuesday to lead a $8.3m funding round.
Pluto TV operates an online television service that features more than 100 channels, as well as thousands of films, and has signed more than 40 content partnership deals with TV networks, film studios, publishers and digital media companies in 2017 alone.
The company did not disclose the identity of the other participants in the round, but had previously raised more than $43m in funding across three rounds. It will invest the proceeds in expanding its product, content and marketing capabilities.
ProSiebenSat.1 led Pluto TV’s $30m series B round in October 2016, investing alongside fellow media companies Sky and Scripps Networks Interactive, Sallfort PrivatBank, US Venture Partners, Luminari Capital, Chicago Ventures and Thirdwave Capital Partners at a $143m valuation.
Sky invested $500,000 in the company as part of a 2014 series A round that raised $13m, and which included talent agency United Talent Agency, Luminari Capital, Chicago Ventures and Great Oaks Venture Capital.
Pluto TV’s other backers include record company Universal Music Group, film and TV production company Windsor Media, Pritzker Group and various angel investors.
Jihong Kim, senior investment manager at Samsung Venture Investment Corporation, said: “Pluto TV is the leading free internet TV service in America and we see huge potential for the company as they scale their cutting edge offering to viewers around the world.”