MobiTV wins $70m additional funding boost
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MobiTV, the US-headquartered mobile television content aggregator and service provider, has raised an additional $70m in new funding. US venture capital group Oak Investment Partners led MobiTV's latest investment round and gains a seat on the company's board. MobiTV said its mobile television services now reached more than 1m paying subscribers—among them customers of Orange and 3 in the UK. The company said it would use the new funds to fuel its expansion in international markets.
"We have taken tremendous strides to develop this rapidly emerging market across three continents over the last few years," said Phillip Alvelda, MobiTV CEO and founder. "These rather substantial funds will help us capitalise on MobiTV's head start and position as the premiere brand in mobile television. We plan to use these funds to provide even more television content on more devices, across more networks, and in more countries around the world."
Oak Investment Partners' managing partner Bandel Carano—who will join MobiTV's board—said: "MobiTV has a unique position in the mobile television market, serving as the leading content aggregator, delivery system and technology expert for carriers.
"This investment underscores our belief in the future of media delivery through handheld devices and PCs, and MobiTV is at the centre of this change in both media delivery and consumer behaviour."
Founded in 1999 MobiTV first launched its mobile TV service in November 2003. Since then it has expanded to serve major US carriers including Sprint, Cingular and Alltel. It has deals with more than 20 international mobile operators.
MobiTV offers content from channel providers including: MSNBC, ABC News Now, CNN, Fox News, Fox Sports, ESPN 3GTV, NBC Mobile, CNBC, The Discovery Channel, TLC and The Weather Channel.
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