Aereo announces extra funding
Editor | 09-01-2014
In what will be used to support further expansion in the US and increased investments in hiring and technology, Aereo has closed a $34 million Series C round of financing.
The controversial over-the-top (OTT) service's funding round was led by IAC as well as media investor Gordon Crawford and Himalaya Capital Management, in addition to existing investors Highland Capital Partners, FirstMark Capital.
Aereo is currently available to those in New York City, Boston, Atlanta, Miami, Salt Lake City, Houston, Dallas, Denver, Detroit and Baltimore, using remote, cloud-based antenna/DVR technology to access broadcast TV.
"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."