June 19, 2017
FuboTV Raises $55M To Help Expand Sports And Entertainment Streaming
The agreement raises to more than $75 million the amount of cash raised by fuboTV, which was launched in January 2015 as a streaming service that specialized in soccer matches.
It also gives Northzone a board seat next to representatives from Fox, DCM Ventures, i2bf, Luminari Capital, Sky, and Univision Communications.
Fubo says that it will use the cash to add programming offerings, expand marketing, and improve its technology.
In December it more than doubled its national channel line up to offer a sports -focused package that includes more than 70 channels from providers including Fox Networks Group, NBCUniversal, and A+E Networks.
“Closing this latest round of funding is testament to our ability to execute efficiently in a very competitive market, and to our investors’ acute understanding of the future of our industry,” fuboTV CEO David Gandler says. “Long term, we are best positioned to drive value for all major media companies and consumers in the U.S. and abroad.”
Northzone partner Pär-Jörgen Pärson says that fuboTV is “at the apex of capturing a fundamental shift in consumer behavior. Just like we saw as early investors in Spotify within the music business, this will be potentially an even bigger game changer as television consumption moves online to mobile devices, computers and TV apps. Sports represents prime real estate in the television
market, with a massive and engaged audience share, and Fubo has already achieved
market-leading coverage of the best live sports content.”