fuboTV gets US$20 million cash injection from Swiss investment bank

Cord-cutting streamer fuboTV has secured US$20 million in investment from Credit Suisse after owner FaceBank Group agreed to sell more than 2.1 million shares to the investment bank.

FaceBank valued the shares at US$9.25 each.

The cash injection from Credit Suisse adds to a total of more than US$46 million in investment sourced by fuboTV in 2020 alone. FaceBank said that the company intends to continue to raise capital to support growth strategies and fund operation.

In May, fuboTV CEO David Gandler told shareholders that the company expects to grow revenues by more than 75% in 2020, though he warned that ad revenue growth may be lower than the 120% projection.

This is the latest move for fuboTV since its March sale to FaceBank, having made significant strides in the OTT space over the past several months. Most notable amongst this news was a distribution deal with Disney to bring ESPN to the sports-oriented fuboTV, compensating for the termination of a carriage deal with WarnerMedia.

This ESPN deal also has led to fuboTV upping its monthly subscription cost by US$5, though a spokesperson for the company said that the “cable TV replacement will offer a market-best 43 of the top Nielsen-ranked sports, news and entertainment channels in our base package” and that it still represents value to customers.