CuriosityStream, the factual streaming service launched by Discovery Channel founder John Hendricks, has announced approximately $140 million (€123.9m) in private placement funding to fuel the company’s next phase of growth.
Stifel Investment Banking acted as sole placement agent. New investors include Blum Capital Ventures and TimesSquare Capital Management.
CuriosityStream will use the proceeds of the offering, in addition to its other revenue sources, to boost spending on world-class factual programming, drive technological advancement in content discovery, and market the service globally.
“This is an important step in a significant effort to connect CuriosityStream with viewers around the world,” said Clint Stinchcomb, President and CEO of CuriosityStream. “Hundreds of millions of people globally are migrating to on demand television and entertainment. We are in the middle of a seismic shift in consumer behavior, and this funding will accelerate the dynamic growth we achieved in the last 12 months.”
At the end of 2018, the company reached the landmark milestone of 1 million paying subscribers and saw its content library grow to more than 2,000 titles. By the end of 2019, CuriosityStream anticipates that viewers will be able to choose from 3,000+ titles including more exclusive originals available in 4K.