US online TV service Aereo has raised US$34 million (€25 million) in new funding as it sets its sights on “rapid nationwide expansion”.
The firm said it would also use the Series C round to invest in hiring and technology, predicting a “blockbuster year” in 2014 after experiencing “tremendous growth” in 2013.
“Aereo has scaled very quickly in 365 days and this additional funding will allow us to maintain this rapid pace of growth. We are thrilled to have a world-class group of investors who believe innovative, cloud-based technologies, like Aereo, are the future,” said Aereo CEO and founder Chet Kanojia.
IAC contributed to the funding round, along with media investor Gordon Crawford and Himalaya Capital Management. Return backers Highland Capital Partners and FirstMark Capital also invested.
Aereo is currently available in 10 US markets and said it aims to grow to 15 by the end of the quarter.
The controversial service, which was locked in a legal tussle with firms including Disney and CBS last year, lets users watch and record broadcast television over the web for US$8 per-month.
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17 September 2021 @ 19:30:00 UTC