Sports-focused streaming service FuboTV hauled in a $55 million Series C funding round, the company announced Monday.
FuboTV hit the market in January 2015 primarily to serve soccer fans, offering live TV from networks like BeIN Sport, Univision, GOL TV and Argentina’s TyC Sports for $9.99 a month. In February, Fubo added dozens of non-soccer sports and entertainment channels as part of a 55-plus channel Fubo Premier package, which (still) carries an introductory price of $34.99 a month. The company also offers a slimmer, 13-channel Spanish-language package for $14.99 a month and a six-channel Portuguese offering for $19.99 a month.
And as soccer continues to grow in popularity — and cord-cutting affects traditional sports channels like ESPN — FuboTV has piqued the interest of investors, including some in the traditional pay-TV space. New York and Europe-based venture capital fund Northzone led the latest round, with 21st Century Fox, Sky and Scripps Networks Interactive also participating.
“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 co-founder and CEO David Gandler said in a statement. “Long term, we are best positioned to drive value for all major media companies and consumers in the U.S. and abroad.”
“Fubo is at the apex of capturing a fundamental shift in consumer behavior,” Pär-Jörgen Pärson, a partner at Northzone who is joining FuboTV’s board, continued. “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. David and his team have achieved incredible growth in the two years since launch, and we are excited to be partnering with Fubo as they take the next steps in building the online live sports experience of the future.”
“At Scripps Networks Interactive, we believe that defining and responding to changing consumer behavior is essential to our continued success,” Henry Ahn, Scripps Networks’ president of content distribution and marketing, said in the statement. “David and his team have created an exciting and innovative global platform that helps engage a new generation of consumers, and our investment in the team and their technology will enable them to continue to develop their offering and reach for the long-term.”