Aereo closes new round of financing

January 8, 2014 10.12 Europe/London By Robert Briel

Aereo array of miniature antennasAereo has closed a $34 million Series C round of financing.

The new round of financing will support Aereo’s nationwide expansion and increased investments in hiring and technology. IAC was joined by
media investor Gordon Crawford and Himalaya Capital Management, as well as existing investors Highland Capital Partners, FirstMark Capital and others for this additional round of funding.

Crawford, a media and entertainment industry veteran, is one of the industry’s most influential and successful investors, having worked at Capital Research and Management for 41 years. Himalaya Capital Management is led by global investor and human rights activist Li Lu.

“Aereo experienced tremendous growth in 2013 and we expect 2014 to be another blockbuster year,” said Aereo CEO and Founder Chet Kanojia.

“Last year at this time, Aereo was launched in only New York City. Today, Aereo is available in ten markets and will grow to 15 by the end of the quarter. In 2013, we also launched our first native app for Android, made improvements to enhance the user experience and more than doubled our employee headcount. Consumers are craving choice and options and as a result, we continue to see explosive growth across all our markets.

“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 Kanojia.