Plex raises $50m in growth equity
April 14, 2021
Streaming media platform Plex has completed a growth equity round of $50 million (€41.7) from existing investor Intercap. The financing includes approximately $15 million in new capital for Plex, with the remainder of the funds used to purchase shares and options from employees and shareholders. The new capital will further Plex’s mission of being a one-stop shop for movies and TV, served up to consumers in a personalised and easy-to-use interface.
Founded in 2009, Plex offers access to all types of media in one place, including over 20,000 free on-demand movies and TV shows, over 150 free-to-stream live TV channels, access to ‘over-the-air’ broadcast channels and personal media libraries, DVR and programme guide features, over 60 million music tracks, thousands of podcasts, and much more.
Plex has over 25 million registered users globally and is one of the most widely available AVoD and live TV offerings in the industry with users in 193 countries. Since launching ad-supported video on demand in 2019, and free live TV in 2020, the company has secured more than 240 entertainment content deals from the world’s biggest publishing studios and networks, including Lionsgate, Warner Bros Domestic Television Distribution, Metro Goldwyn Mayer (MGM), Sony Pictures Television, Sinclair Broadcast Group, AMC, A+E, Crackle, and BBC.
Plex says its mission is to give people a single pane of glass for their entire universe of media, helping them quickly and easily find exactly what they want. In addition, Plex will help users discover new things to enjoy based on everything they already watch, with smart recommendations such as “you watched this movie, so you might enjoy this podcast, or this musical artist”. It’s all about creating a custom multi-media entertainment experience that’s easy and enjoyable for each individual’s unique tastes.
“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,” said Keith Valory, CEO at Plex. “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 part of the round, Intercap chairman and CEO Jason Chapnik has joined the board of directors as Chairman, and Intercap President James Merkur has also joined the board of directors.
“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,” said Chapnik. “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.”
Inclusive of this financing, Plex has raised over $60 million to date from Intercap, Kleiner Perkins, and others.