Boxee Closes $16.5M Financing Deal

It was announced yesterday that Boxee closed a $16.5 million financing deal, featuring new investors Pitango and Softbank, as well as prior investors General Catalyst, Spark Capital, and Union Square Ventures.

Boxee’s previous round of financing was just $6 million, at which point the company was 12 people, its software was in alpha mode (not even tested yet!) and the Boxee Box was just a dream for the workers. 18 months later, Boxee boasts 34 employees, version 1.0 of the software, and Boxee Box has been shipped to more than 30 countries.

So what will the new funding help?

First, the product. The financing will help the company develop not only their development team (i.e. more people working on the product), but will also allow Boxee to improve and create functionality while fixing bugs. They will also add more movies, TV shows, and video, while making it easier to find and watch them.

Next, more content. While Boxee has recently added Netflix and Vudu to the Boxee Box, there are many more sources of content that are on their “to do list” both in the US and internationally.

Finally, more partners. D-Link is already shipping the Boxee Box, Iomega is working on a Boxee NAS device, and ViewSonic is working on a TV based on Boxee. Boxee plans on signing up more device and distribution partners which will give users more options and ways to receive Boxee


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Categories: Gadgets and Gizmos

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