US-based video streaming network Tout closed an oversubscribed $26m series C round yesterday funded by a consortium including sports entertainment provider WWE.
The round was led by Melohn Group and also included investment firm Windsor Media, Pittco Capital Partners, HL Capital, Seavest Capital and 819 Capital.
Founded in 2009, Tout operates a video streaming network that delivers content across more than 2,800 websites and achieves a total of more than 350 million views per month. The company’s product is based on technology developed at research institute SRI International.
The funding will go towards business development and increased sales activities to grow Tout’s market share in the US and expand internationally. The company has said it is nearing profitability.
WWE contributed to Tout’s $13.4m series B round in 2012, investing alongside 819 Capital, SRI International, Horizons Ventures, Seavest Ventures and angel investors Gordon Crawford, Stan Shuman and Jack Schneider.
SRI, Horizons and Seavest were named as return investors for the series B round. Tout had previously secured $2m in 2010, according to a regulatory filing.
Michael Downing, founder and chief executive of Tout, said: “We are currently witnessing one of the most profound shifts the media industry has ever experienced – as the internet essentially becomes TV.
“From day one, this team has been committed to building-out one of the largest online video content networks to assume a critical position in this emerging landscape – we welcome our new investors as they join us on this adventure.”