Layer3 TV has secured $21 million in Series A funding. The lead investors were North Bridge Venture Partners and Evolution Media Growth Partners, which is a joint venture between TPG Growth and Evolution Media Capital. In addition to the funding, Jamie Goldstein of North Bridge has been added to Layer3 TV’s board of directors. Based in Boston, Layer3 TV is a next generation cable provider.
Boston, Mass – Layer3 TV, Inc., a next generation cable provider, announced today it has raised $21 million in the initial closing of its Series A financing. North Bridge Venture Partners and Evolution Media Growth Partners (a joint venture between private equity firm TPG Growth and Evolution Media Capital) co-led the round. North Bridge Partner Jamie Goldstein will join Layer3 TV’s board of directors.
Layer3 TV is a technology platform delivering a differentiated video consumer experience while fitting squarely within today’s programming and distribution paradigm.
The company was founded by cable veterans and seasoned entrepreneurs, including:
• Jeff Binder, chief executive officer – former partner at Genovation Capital, Binder founded Broadbus Technologies, which pioneered the concept of television on-demand and was sold to Motorola in 2006 for $200 Million.
• Dave Fellows, chief technology officer – former partner at Genovation Capital with Binder, Fellows was CTO at both Comcast and ATT Broadband, and is credited with architecting and building much of the infrastructure upon which the modern cable bundle is based.
• Chuck Hasek, head of video technology – most recently was the principal architect of video systems for Time Warner Cable.
• Eric Kuhn, head of marketing – previously ran social media for United Talent Agency and CNN.
• Vic Odryna, head of product development – Odryna, a serial entrepreneur, was formerly CEO of Idea Arc and ZeeVee.
“In today’s connected world the television is becoming more than just a lean-back experience – it is becoming the hub for state of the art technology in the living room,” said Binder. “Layer3 TV merges the television experience with consumers’ digital lives in ways that engage and enhance the programming and distribution eco-systems. We intend on delivering that promise.”
Added Fellows: “Massive consolidation in the cable industry has created a greater need for innovative startups to step out and lead. Layer3 TV’s technology aims to enhance the current eco-system, while providing consumers with simple, cool and technically advanced television solutions that can keep pace with the ‘Internet of things.’ This is key to creating significant value.”
“North Bridge is excited to partner with Layer3 TV and participate in the evolution of the living room. The executives behind Layer3 TV have an impeccable track record of looking over the horizon when it comes to technology, entertainment and distribution. We are thrilled to fund a platform that will rethink how consumers engage in content for a social and digital age,” said Goldstein.
“It was important for us to back a company that is programmer friendly. Layer3 TV is the right partner for the entertainment industry as they will enhance programmers’ existing business models and create new non-disruptive revenue streams while also delivering a compelling user experience to consumers,” said Founder and Co-Managing Partner of Evolution Media Capital Rick Hess.
About Layer3 TV
Layer3 TV, Inc. is a next generation cable provider spearheading a new era of home media, combining the best of television, social and digital life. Founded in 2013 by cable veterans Dave Fellows and Jeff Binder, the company is located in Boston’s burgeoning innovation district. Layer3 TV is backed by some of the biggest players in private equity, venture capital and entertainment. To learn more follow Layer3TV on Twitter: @Layer3TV and Facebook: Layer3TV or visit www.layer3tv.com.
About North Bridge Venture Partners
Established in 1994, North Bridge Venture Partners is an active partner for early-stage entrepreneurs, providing seed-to-growth financing and company-building expertise. Working in concert with entrepreneurs, North Bridge adds value by providing strategic guidance, sharing operating experience, and an in-depth understanding of both private and public financings. Together with North Bridge Growth Equity, our mid-market focused growth capital fund, North Bridge manages over $3 billion in committed capital.
The firm has offices in Boston, Massachusetts and San Mateo, California. To learn more about North Bridge go to www.northbridge.com.
About TPG Growth
TPG Growth is the middle market and growth equity investment platform of TPG, the global private investment firm. With $4.0 billion under management, TPG Growth targets investments in a broad range of industries and geographies, utilizing leveraged buyout, growth equity, and private investment in public equity (PIPE) structures. The firm is backed by the resources of TPG with $48 billion of assets under management. TPG Growth has offices in the United States, China and India. Visit www.tpggrowth.com for more information.
About Evolution Media Capital
Evolution Media Capital, LLC (EMC) is an investment banking firm for the media and sports industries, formed as a partnership with Creative Artists Agency (CAA), and offering investment advisory, asset management, industry research, and capital-raising services. In the media rights space, EMC provides a wide array of advisory services, including strategic analysis, valuation and negotiation of media rights and regional sports network planning and operation strategy