Roku Picks Up $60 Million in Funding29 May, 2013 By: Chris Tribbey
Media player manufacturer Roku announced May 29 it has received a $60 million investment for its streaming software and services business, with Hearst Corp., British Sky Broadcasting (BSkyB) and News Corp. among the investors.
Roku, which shipped its 5 millionth media player in April, is expanding its streaming business by working with other consumer electronics companies to put “Roku Ready” devices into the market, particularly HDTVs. The Roku Ready devices access the company’s streaming platform via a small USB-sized device sold by Roku.
“Roku has built a strong brand that is widely recognized for great technology and a broad selection of high-quality content,” said Ken Bronfin, senior managing director at Hearst Ventures, a division of Hearst Corp. “We are truly impressed that Roku has built such a unique position in the market and we look forward to working with them to develop innovative products and services for our television audiences.”
In 2012 Roku streamed more than a billion hours of video and music, and with the addition of an estimated 3.5 million Roku Ready devices in the market by year’s end, the company plans on besting that in 2013.
“Roku has a significant portfolio of investment and strategic partners with very successful global businesses. Their recognition of our brand success and belief in the Roku platform is a tremendous endorsement of our potential to shape the future television experience,” said Roku founder and CEO Anthony Wood. “BSkyB and News Corporation are exceptional partners and we look forward to deepening our relationship with Hearst in the months to come.”