Videogame-focused online video network Machinima is reportedly looking to raise a new round of funding after hiring financial advisors Allen & Co.
According to an All Things D report, Machinima is aiming for a “mega-round” of financing that could reach the “US$70 million-plus” range, in order spend more money licensing original shows.
It is also looking to create a subscription business for its video content, the report said.
Machinima is one of the most-popular multi-channel networks on YouTube, notching up 2.2 billion monthly video views and attracting 202 million monthly unique visitors as of March.
Last May the firm raised US$35 million in a financing round led by Google, with existing investors Redpoint Ventures and MK Capital participating. At the time, CEO Allen DeBevoise said it would use the cash to expand “into original content, international territories, and new platforms and devices.”
Earlier this week Fullscreen, another YouTube network,raised a first round of funding led by The Chernin Group along with ComcastVentures and WPP.