New York video startup Aero closes $34M in Series C funding
Streaming TV startup Aereo has announced that it has raised $34 million in a Series C funding. The announcement comes amid a messy and expensive legal battle with rivals who want the firm shut down. However, the company already gained two verdicts in its favor, according to TechCrunch.
The latest round was led by IAC, with the participation of media investor honcho Gordon Crawford. The startup said Himalaya Capital Management will support its nationwide expansion and workforce addition. Existing investors Highland Capital Partners and Firstmark Capital also contributed to the said round, the report detailed.
While Aereo committed its entry in 22 new markets before 2013 ends, the legal battles have significantly slowed down that goal. Upon the start of January, the company had only achieved half of that pledge and is presently operating in 10 cities. In addition, the firm faced technical difficulties in moving its indoor technology to the rooftops in its new markets, the report explained.
Nevertheless, Aereo remains optimistic in its expansion plans. With the new funding, the firm plans to enter five new markets in the first quarter of 2014, TechCrunch reported.