Total amount raised
$133.2 Millions
Latest funding date
Location
Philo has successfully raised significant funding over multiple rounds, with its latest being a Series D. The platform offers a comprehensive streaming service that includes live TV, on-demand content, and various add-on channels.
Keep reading to explore the intricacies of Philo's fundraising journey and the investors backing this innovative platform.
What Is Philo?
Philo, founded in 2010 by Nick Krasney and Tuan Ho, is a digital media and information technology company based in San Francisco, California. The company offers an entertainment-focused streaming service nationwide, inspired by the inventor of electronic television, Philo T. Farnsworth.
With a team of 101-250 employees, Philo has grown from its roots in the college market to a comprehensive platform featuring live TV, on-demand content, and various add-on channels. The company has received significant investment from notable entities, including New Enterprise Associates, Rho Ventures, and HBO.
How Much Funding Has Philo Raised?
- Seed Round
- Amount Raised: $1M
- Date: September 2011
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company and develop the initial product offering.
- Non-Equity Assistance
- Amount Raised: Not publicly disclosed
- Date: June 2011
- Lead Investors: Summer@Highland
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To receive mentorship and resources to refine the business model.
- Series A
- Amount Raised: $6.3M
- Date: July 2013
- Lead Investors: New Enterprise Associates
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and enhance the platform's capabilities.
- Debt Financing
- Amount Raised: $2.5M
- Date: November 2014
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support operational costs and further product development.
- Series B
- Amount Raised: $10M
- Date: June 2015
- Lead Investors: National Education Association
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the service and enter new markets.
- Series C
- Amount Raised: $22M
- Date: May 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance the platform and expand content offerings.
- Series C
- Amount Raised: $41.4M
- Date: July 2018
- Lead Investors: AMC Networks, Discovery, Viacom
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop new product features and enhance marketing efforts.
- Series D
- Amount Raised: $50M
- Date: August 2020
- Lead Investors: Republic Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further expand the service and improve user experience.
Total Amount Raised: $133.2M. Current Valuation: Not publicly disclosed.
Key Investors
- New Enterprise Associates (NEA)
- Details: New Enterprise Associates is a global venture capital firm that invests in technology and healthcare companies. Founded in 1977, NEA has offices in the United States and China.
- Investment Focus Areas: Technology, healthcare, energy.
- Notable Investments: Robinhood, Coursera, Uber.
- Republic Capital
- Details: Republic Capital is a venture capital firm that focuses on early-stage investments. The firm is known for its involvement in innovative technology startups.
- Investment Focus Areas: Technology, fintech, blockchain.
- Notable Investments: Philo, SpaceX, Robinhood.
- National Education Association (NEA)
- Details: The National Education Association is the largest professional organization in the United States, representing public school educators and support professionals.
- Investment Focus Areas: Education, public policy, community development.
- Notable Investments: Not publicly disclosed.
- AMC Networks
- Details: AMC Networks is an American entertainment company known for its cable channels, including AMC, IFC, and SundanceTV. The company produces and distributes content globally.
- Investment Focus Areas: Media, entertainment, content production.
- Notable Investments: Philo, BBC America, RLJ Entertainment.
- Discovery
- Details: Discovery, Inc. is a global media company that operates a portfolio of factual and lifestyle television brands. The company reaches audiences in over 220 countries and territories.
- Investment Focus Areas: Media, entertainment, factual programming.
- Notable Investments: Philo, Eurosport, Food Network.
What's Next for Philo?
Philo's future looks promising as it continues to capitalize on the growing demand for affordable, non-sports streaming options. With recent investments aimed at developing new product features and expanding marketing efforts, the company is well-positioned to attract a broader audience. The launch on additional platforms like Amazon Fire TV and Apple TV will further enhance its reach.
As Philo grows, future fundraising opportunities are likely, given the interest from major networks and the increasing competition in the streaming market. However, challenges such as maintaining a competitive price point and ensuring a seamless user experience across multiple platforms will need to be addressed. The company's ability to innovate and adapt will be crucial in navigating these hurdles.
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