Plex, a Los Gatos, CA-based streaming media platform for free movies, TV, and entertainment, closed a $50m growth equity funding round.
Existing backer Intercap provided the financing, which included approximately $15m in new capital with the remainder of the funds used to purchase shares and options from employees and shareholders.
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.
The company intends to use the funds to further expand its business reach.
Founded in 2009 and led by Keith Valory, CEO, Plex offers access to a platform, 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 program guide features, over 60 million music tracks, thousands of podcasts, and more.
Since launching ad-supported video on demand (AVOD) 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 has over 25 million registered users in 193 countries.
Inclusive of this financing, the company has raised over $60 million to date from Intercap, Kleiner Perkins, and others.