Cable Startup Layer3 TV Raises $51 Million (Exclusive)
This brings the company's total funding to more than $80 million.
Still stealthy cable startup Layer3 TV has raised an additional $51 million in funding, The Hollywood Reporter has learned.
The series B round includes an undisclosed group of new investors in addition to existing investors Evolution Media Partners — the investment company whose shareholders include Evolution Media Capital, CAA, TPG Growth and Jeff Skoll/Participant Media — and North Bridge Venture Partners. This brings Layer3's funding to more than $80 million in just two years even as the company has yet to unveil specifics about its product beyond calling itself a "next generation cable provider."
"Cable television may have dominated the business press this year, but consumers continue to crave a simple, yet elegant, solution for managing the newest innovations in video, social and digital," said CEO and co-founder Jeff Binder. "Layer3 TV is the new cable — putting subscribers at the center of the universe by giving them seamless control of their entertainment relationships."
Binder, formerly the founder of VOD startup Broadbus Technologies (which was later acquired by Motorola) co-founded Layer3 in 2013 with former cable executive Dave Fellows in Boston. Last year they moved the company to Denver, where they received $2.9 million in job growth tax incentives from the state.
"From inception, Jeff’s and Dave's vision of Layer3 TV has been to build the very best cable company and layer in the most cutting-edge technology available," said Jamie Goldstein, partner at North Bridge Capital Partners. "Their integration with social media, Internet of Things and diverse universe of content choices will make Layer3 TV the ultimate center of the living room."
Added Evolution Media Partners co-managing partner Rick Hess: "Layer3 TV’s platform is proof that technology and consumer experience can be aligned with programmers' goals and objectives."