Plex adds US$50 million in funding to boost AVOD business

Streaming media platform Plex has raised more than US$50 million in Series C financing from existing investor Intercap, the company has said.

The financing includes approximately US$15 million in new capital for Plex, with the remainder of the funds used to purchase shares and options from employees and shareholders. 

The company said that this new cash injection will “further Plex’s mission of being a one-stop shop for movies and TV, served up to consumers in a personalized and easy-to-use interface.”

Since launching in 2009 as a media server application, Plex has developed into a major AVOD player that offers over 20,000 free-to-view movies and TV shows along with over 150 live TV channels. Over that time it has amassed over 25 million registered users in 193 countries, and has secured more than 240 content deals with the likes of Lionsgate, Warner Bros. and the BBC.

Keith Valory, CEO at Plex, said: “Everybody knows it’s a pain to sift through all the streaming services to find what you want to watch, and our goal at Plex is to manage your media life for you. Our job is to understand where everything is, whether it’s from our free library of movies and shows, a subscription service, live on TV, or something you can purchase, and for Plex to be the trusted go-to service to help you find what you want, when you want it.”

As a result of the round, Jason Chapnik, the CEO and chairman of Intercap, has joined the board of directors at Plex as chairman, while Intercap’s president James Merkur has also joined the board.

Chapnik said: “Content providers, creators, and consumers are all paying the price for the explosion of so many streaming media services and the industry needs a trusted way for the experience to be as enjoyable as possible. Plex has always been at the forefront of solving new media challenges and we believe they are primed to solve this problem – they are the cable company of the future.”