Aereo, the online-video startup that offers access to local TV stations in some markets, said it raised another $34 million to help it expand more broadly.
The company had planned to introduce its service in more than 20 markets in 2013, but reached only 10. It said it now plans to introduce another five markets by the end of March 2014.
"Aereo has scaled very quickly in 365 days and this additional funding will allow us to maintain this rapid pace of growth," CEO Chet Kanojia said in a press release.
The cash may also help Aereo defend itself against copyright challenges. The company has faced legal challenges from TV station owners around the country as it continues to deploy new markets. Last month it told the U.S. Supreme Court it would welcome the high court's review of a ruling that was favorable to Aereo. Part of its rationale was to avoid the expense of fighting lawsuits in every federal jurisdiction in which it operates.
Several Aereo investors returned to put more money into the company, including IAC, Highland Capital Partners and FirstMark Capital. Gordon Crawford and Himalaya Capital Management also contributed. It last raised $38 million in January 2013.
- Read the press release
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