Roku gets $60M from Hearst, Fidelity, others

Roku got a cash infusion of $60 million last week from financial and strategic investors. The company has raised $140 million since it began operating in 2002.

Fidelity is among the new investors, Roku confirmed. News Corp. (Nasdaq: NSWA) and BSkyB--both of which have invested in Roku in the past--also contributed to the financing. And Hearst Corp.'s venture capital arm made its first investment in Roku.

Roku said it will use the new cash and its strategic relationships to expand the number of access points to its streaming platform through Roku Ready TV sets. The company added it is working with 24 manufacturers making Roku Ready devices, designed to work with Roku's streaming USB dongle, that will be on the market later this year. 

Getting money from strategic partners is important, Roku CEO Anthony Wood said. "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," Wood said in a press release.

The news came just as Fanhattan, a startup located about 30 miles north of Roku, announced it will enter the streaming video set-top box market.

For more:
- read the press release here
- All Things D had this story

Related articles:
Fanhattan to introduce Fan TV set-top box
Microsoft's Xbox One makes play for living room
Roku planning second-screen tablet app

 

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