MobiTV tunes into $50M for its set-top-box-free broadcast services for pay TV providers

TechCrunch | 7/1/2019 | Staff
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After raising $21 million in 2017 for a late-stage pivot from mobile TV to set-top-box-free IPTV services for the home, MobiTV is announcing another large growth round. The company — an early mover in building services to stream broadcast TV on mobile devices (it was established in 1999) — has raised $50 million more to continue building momentum, in part by expanding internationally.

MobiTV today has deals in place with 90 cable and other TV operators, covering 2 million people, with its MobiTV Connect services — providing access to 350 channels including those from A+E Networks, AMC Networks, Crown Media Family Networks, C-SPAN Networks, Disney and ESPN Media Networks, SHOWTIME, and Viacom — making it possible to add new channels by way of apps — no need for a set-top box, with customers instead either using existing streaming devices such as a Fire TV stick, Roku or Apple TV; or their smart TVs.

Vision - Edge - Video - Experiences - Technology

“Our vision of creating leading edge video experiences and technology in a unique, cost-effective manner has allowed MOBITV to win business faster than anyone else in the industry… since we first launched the platform in 2016,” said Charlie Nooney, MOBITV Chairman and CEO, in a statement. “We continue to demonstrate our ground-breaking approach to addressing operator challenges as they upgrade their pay TV offering in an increasingly competitive marketplace.”

The funding comes from existing investors Oak Investment Partners and Ally Financial, along with investment from Cedar Grove Partners. We’re trying to find out the valuation. For some context, in 2017, its valuation was between $400 million and $500 million, according to figures from PitchBook and also what sources told us.

Box - Cornerstone - Pay-TV - Services - Work

The set-top box has developed as a cornerstone to how many pay-TV services work today: emerging at a time when TV sets were very limited in terms of their functionality —...
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