GlassBOX Television Inc., a Toronto-based operator of cross-platform broadcast and VOD channels, has raised C$5 million in new VC funding. JLA Ventures led the round, and was joined by Aver Media, Frantic Films Corp. and several individual angels.
GlassBOX Television Inc. announces $5 million of new venture and strategic investment, including backing from some of Canada's leading media executives. Additionally, GlassBOX founder, President and CEO Jeffrey Elliott announces the appointment of leading digital media entrepreneur Raja Khanna as Co-CEO and investor in the Company. GlassBOX creates and operates innovative broadcast and VOD channels across television and digital media platforms that speak to today's consumer.
The new investment, led by Toronto venture capital firm JLA Ventures, includes investments from several respected media industry veterans including former Executive Managing Director of International Television Distribution of Alliance Atlantis Communications Ted Riley, former President and CEO of Standard Broadcasting Gary Slaight, former President and CEO of CHUM Limited Jay Switzer and former President and COO of XM Radio Canada Stephen Tapp. Tapp, who also headed CHUM Television, will serve as an advisor on the Company's overall strategy including international sales and licensing. Innovative television and feature film financing company Aver Media and leading live action production company Frantic Films Corporation are also key strategic investors and advisors.
“Our new structure, together with our extraordinary list of backers propels us toward our goal of becoming one of the most relevant broadcasters to today's digital media generation. We believe Canadian consumers and advertisers are ready for something new,” said Raja Khanna.
“Our first channel, BITE TV, has helped define a new genre of digital media broadcasting. I am thrilled not only to be joined by Raja, but by the upcoming re-launch of BITE TV and the new multi-platform channels we will be announcing in the months ahead,” said Jeffrey Elliott.
GlassBOX's first channel, BITE TV, launched in 2005 and has led the way in defining a new generation of multi-platform interactive television services. Moreover, GlassBOX is committed to showcasing emerging talent in Canada. In fact, BITE TV's programming currently consists of 63% Canadian content, almost double the channel's mandated 35%.
The formula is working. In 2007, BITE TV won the coveted International Interactive Emmy Award for Best Interactive Channel. BITE TV is now available on cable, satellite and IPTV through Rogers Cable, Bell ExpressVu, Cogeco, Videotron, Telus TV, SaskTel and MTS. Its content is also available on numerous mobile carriers including Rogers, Bell Mobility, Telus, Virgin and Fido in addition to leading broadband sites including Joost, YouTube, MySpace, Facebook and iTunes. In addition to launching new cross-platform broadcast channels the new funding announced will support the re-launch of BITE TV this fall with a refreshed look, new content and a new broadband Internet video portal.
As the ownership of the company under the leadership of Jeffrey Elliott and Raja Khanna will be more diversified, an application has been submitted to the CRTC to approve the new structure.
About GlassBOX Television
GlassBOX Television Inc. operates cross-platform broadcast and VOD channels with a strong focus on making use of new technologies to engage audiences and deliver content across the globe in innovative ways. GlassBOX Television's mandate is to support new talent, develop great content and make the best use of new digital delivery methods to help drive audiences for GlassBOX content creators, carriers and advertising partners. For more information, please visit www.glassbox.tv.
About JLA Ventures
JLA Ventures, a venture capital firm with offices in Toronto and Montreal, is a leading investor in technology companies at all stages of growth. In addition, JLA Ventures is also the co-manager of the BlackBerry Partners Fund. JLA Ventures' past and current portfolio companies include: Triple G Systems (acquired by General Electric), Pixstream (acquired by Cisco), Basis100 (acquired by First American Corporation), Fun Technologies (acquired by Liberty Media Corporation), Servicesoft Technologies (acquired by Broadbase), Isolation Systems (acquired by Shiva), Descartes Systems Group (NASDAQ:DSGX), Bioscrypt (acquired by L-1 Identity Solutions), Q9 Networks (TSX:Q), VFM, Quickplay Media, MusicIP, HealthUnity, Planeteye, Nstein (TSXV:EIN), ZIP Local (TSXV:ZIP), b5media, First Coverage Inc., I Love Rewards, and Netshelter. For more information please visit www.jlaventures.com.