New Financing will Support Development of Philo’s Innovative Product Experience, Recognize New Market Opportunities and Shift the Company’s Headquarters to San Francisco
SAN FRANCISCO–(BUSINESS WIRE)–June 15, 2015–
Philo, a next-generation TV platform, today announced that it has raised $10 million in its Series B financing. This raise was led by Series A lead investor New Enterprise Associates (NEA) with participation from CBC New Media Group of Raleigh, NC; Home Box Office, Inc. (HBO); Rho Ventures; XFUND; and CEO Andrew McCollum. The round will allow Philo to expand upon its innovative product vision, as well as additional operational and strategic initiatives, including the relocation of the company’s headquarters to San Francisco.
“Philo is changing our expectations for television,” said Andrew McCollum, the company’s CEO. “We’re questioning every aspect of the viewing experience and asking ourselves, ‘How can we make this faster, easier, and more socially connected?’ We’re finding new answers every day that aren’t possible on any other platform and building them into Philo.”
“There is significant growth opportunity for Philo with digital video, and more broadly the video entertainment market,” said Scott Sandell, managing general partner at NEA. “Philo’s content provider-friendly strategy stands out in the industry and is just one of the reasons we’re excited to be leading this raise.”
With the recent appointment of CEO McCollum in the fall, a member of the founding team at Facebook, Philo has used its presence at universities across the country to pioneer a new vision of television, enabling the viewing of video content on any device with intelligent search, insightful discovery, and effortless sharing.
For more about Philo, visit www.philo.com.
Philo is the industry leader in bringing live TV and DVR to college students on all of the devices they use – computers, tablets, and smartphones – anywhere on campus. Philo works with the content and media industries to provide students access to programming through a cable or satellite provider, including popular TV series as well as live news, sports, and events. Philo also offers students access to TV Everywhere services like HBO GO® and innovative features that enhance the viewing experience.
New Enterprise Associates, Inc. (NEA) is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With nearly $17 billion in cumulative committed capital since inception NEA invests in technology and healthcare companies at all stages in a company’s lifecycle, from seed stage through IPO. The firm’s long track record of successful investing includes more than 200 portfolio company IPOs and more than 320 acquisitions. www.nea.com.