Struum finalises Series A financing
November 10, 2021
Struum, the SVoD service created by senior-level Disney and Discovery executives, and backed by an initial multi-million-dollar investment from former Disney CEO Michael Eisner through his Tornante Company, has finalised its Series A funding round led by Canadian-based media and content company Corus Entertainment.
The $7 million (€6.4m) round also includes Gaingels, the leading investment syndicate in support of and representing the LGBTQ community and allies in the venture capital space. The new funding will enable Struum to continue to grow its content library, enhance its technology features, and begin to map out expansion of the service to consumers outside of the US. The additional funding comes as Struum expands the reach of the service beyond iOS to Android-based devices, Roku, Amazon Fire TV, and Apple TV.
Struum launched a preview of the service at the end of May 2021 with the mission to streamline streaming by providing viewers one central destination and a single monthly subscription to access a huge array of programming that serves their interests from across the increasingly cluttered global streaming landscape. It says the platform’s credit-based subscription model offers the most cost-effective and efficient way for people to sample and discover programming as they spend their monthly credits to unlock only the film and TV episodes they want to watch from over sixty participating service and content partners—without the hassle of navigating and paying for multiple subscription video services.
As viewers continue to use the platform, Struum is also able to provide new programming suggestions from across all of its content partners based on viewing habits so they can easily find new content they may enjoy watching. Struum has now finalised deals with more than 60 premium services and content providers to make their programming available on the platform. Among the vast library of content users will find are services such as BBC Select, Tastemade, Tribeca, Cheddar News, Kocowa, Dekkoo, Magellan TV, History Hit, Gusto, Young Hollywood, Indieflix, Filmbox, Echoboom Sports, Social Club TV, Cinedigm, Magnolia Pictures, Little Dot Studios, Group 9, Stingray and SPI/Filmhub, among many others. Consumers can sign up for a monthly subscription of $4.99. There is a seven day trial available as well.
Over the next few months, Struum plans to continue adding more streaming partners to its line-up of tens of thousands of movies and TV series across every conceivable genre. They will also be bringing the service to new platforms and will make additional enhancements to its interface. Looking ahead to 2022, international expansion is planned beginning with Canada, as well as other territories.
“My co-founders and I are thrilled to have Corus Entertainment invest in this round alongside Gaingels,” declared Lauren Devillier, CEO of Struum. “Our early traction with consumers proves there is a strong interest and demand for a service like Struum. With continued support from Tornante and specifically, Michael Eisner and now Doug Murphy at Corus Entertainment, we look forward to reaching our goal of bringing more content to the service, expanding our platform reach and launching in more territories beyond the US.”
“Struum is at the forefront of innovation with its unique credit-based subscription service, backed by a talented team of senior executives with deep experience in the subscription video and content space,” added Doug Murphy, President and CEO of Corus Entertainment. “We are excited to be a part of this highly differentiated streaming product as both a lead investor and as Struum’s exclusive launch partner for the Canadian market.”
“Our core mission with Struum is to help content owners get their content discovered and help viewers discover great content,” advised Paul Pastor, CBO of Struum. “The investment from Corus, Gaingels and our other investors will play a pivotal role in enabling us to further build out a world class user experience that enables us to over deliver on our mission and establish us as a key player in the streaming industry.”
Struum is the brainchild of founders DeVillier, former Head of Product for Discovery Ventures and head of Digital for Disney Channels, Eugene Liew, former Vice President of Product and Technology at Disney, Pastor, former Executive Vice President of Strategy, Revenue and Operations at Discovery Networks and Thomas Wadsworth, former lead Advanced Product Development for Walt Disney Imagineering.
In addition to Eisner, the company has brought on a roster of top tier entertainment and technology executives to its advisory board and executive team, including Nancy Tellem, former President of CBS Entertainment and Xbox Entertainment, Ben Pyne, former President of Disney/ABC Television Distribution, and Donald Hicks, VP Trust Policy and Partnerships at Airbnb.