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Roku raises US$60m to grow set top business

Streaming video box-maker Roku has raised US$60 million in Series F funding from new and returning investors to help fund further growth of the business.

The round was led by an unnamed firm that Roku described as “one of the world’s largest institutional investors” – reported to be Fidelity. US media firm Hearst Corporation was the other new investor, with prior backers BSkyB and News Corp also contributing to the round.

Roku said the funds would help it grow its streaming software and services business. Though the firm is best known for its streaming player boxes, Roku is also working to with other consumer electronics brands to extend its platform with new ‘Roku Ready’ devices.

Roku said it is currently working with two dozen electronics manufacturers that are making more than 3.5 million Roku Ready devices, mainly TVs, that will retail by the end of the year.

These devices are designed to work with Roku’s Roku Streaming Stick, a USB-sized device sold by Roku, though the firm said it will continue to expand access points to its streaming platform in the coming months.

“Roku has a significant portfolio of investment and strategic partners with very successful global businesses. Their recognition of our brand success and belief in the Roku platform is a tremendous endorsement of our potential to shape the future television experience,” said Roku founder and CEO Anthony Wood.

“BSkyB and News Corporation are exceptional partners and we look forward to deepening our relationship with Hearst in the months to come.”