Skinny bundle startup fuboTV this week raised $55 million for its sports-centered streaming service, bringing its total funding tally to more than $75 million.
The Series C round investments came from venture capital fund Northzone, as well as companies like 21st Century Fox, Sky, and Scripps Network Interactive, the company reports. The former two companies were also involved in fuboTV’s $15 million Series B funding round back in March.
“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 comments. “Long term, we are best positioned to drive value for all major media companies and consumers in the U.S. and abroad.”
Launched in 2015 with a focus on streaming soccer games, fuboTV has grown to bring U.S. customers access to dozens of sports, entertainment, and news channels. The company offers a $35 “Fubo Premier” entry-level bundle that includes a total of 55 channels, 31 of which are sports-related. The live streaming TV lineup includes popular regional sports networks including Fox Networks Group, and NBCUniversal. Content is available live, on-demand, and via DVR on the company’s website, and can also be viewed using fuboTV’s mobile and over-the-top apps.
The rise of companies like fuboTV comes alongside the decline of traditional pay TV service and a move toward OTT options like Netflix and Hulu. A recent report from Parks Associates found only around a third of pay TV subs are “very satisfied” with their services. The firm also noted a drop in pay TV service adoption in the first place, particularly in homes with younger heads of household.
Around 63 million U.S. broadband households subscribe to an OTT video service, Parks Associates added.
This trend wasn’t lost on fuboTV’s investors.
“Fubo is at the apex of capturing a fundamental shift in consumer behavior. 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,” Northzone Partner and new fuboTV board member Pär-Jörgen Pärson observes. “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.”
