Plex, the media server software company with ambitions of becoming a one-stop shop for all things video streaming, has secured a $50 million funding round from an existing investor, Intercap.
The investment bank’s CEO, Jason Chapnik, and its president, James Merkur, will also be added to the Los Gatos, California tech company’s board of directors, Chapnik as chairman.
The $50 million adds to $10 million already raised by Plex from Intercap, as well as other investors, including Kleiner Perkins.
Plex said that most of the money will be used to purchase shares and options from employees and shareholders. About $15 million is earmarked as growth capital.
Plex was founded in 2009 and became a popular maker of software designed for users to access their personal digital music and video libraries.
In the last several years, the company has grown its ambitions to become the portal in which all home streaming is managed—not just personal libraries, but all SVOD and AVOD services, too.
Plex launched its own AVOD platform in 2019, and its own live channel guide last year. Its licensed catalog includes more than 20,000 free on-demand movies and TV shows, acquired from major media companies, as well as OTA feeds from more than 150 live broadcast channels.
Plex said that it has more than 25 million registered users globally.
“Everybody knows it’s a pain to sift through all the streaming services to find what you want to watch, and our goal at Plex is to manage your media life for you,” said Keith Valory, CEO at Plex, in a statement. “Our job is to understand where everything is, whether it’s from our free library of movies and shows, a subscription service, live on TV, or something you can purchase, and for Plex to be the trusted go-to service to help you find what you want, when you want it.”
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Daniel Frankel is the managing editor of Next TV, an internet publishing vertical focused on the business of video streaming. A Los Angeles-based writer and editor who has covered the media and technology industries for more than two decades, Daniel has worked on staff for publications including E! Online, Electronic Media, Mediaweek, Variety, paidContent and GigaOm. You can start living a healthier life with greater wealth and prosperity by following Daniel on Twitter today!