US channel operator A+E Networks has led a £5 million funding round in UK live streaming platform TVPlayer.
As part of the transaction, TVPlayer has de-merged from its parent company Simplestream and now operates as a standalone company with dedicated management, marketing and technology teams.
TVPlayer, a ‘freemium’ OTT service allowing viewers to stream live TV to a range of devices, plans to use the funds to further develop its content offering and expand distribution in the UK.
It is planning a ‘sizable’ marketing campaign, which will include TV spots on a number of free to air channels, launched in the lead up to Christmas.
Existing investors, including venture capital firm Beringea, invested alongside A+E Networks.
Adam Smith, founder of TVPlayer, said, “We are very excited about the investment and the backing provides operationally and financially for the expansion of TVPlayer.
“TVPlayer has already succeeded in building a first-class content delivery platform and being the first provider in the UK to launch a legal live TV streaming service carrying all of the major channels.
“With our investors’ support, we look forward to focusing on our efforts on customer acquisition and subscriber growth.”