1.5 Million Reasons to Celebrate Unreel’s Newest Board Members
We are proud to announce a new $1.5 million raise in Pre-Series A financing led by Michael Kelly, CEO of IoT Broadband, LLC and former executive at DISH Network and Blockbuster, alongside a select group of media-focused angel investors.
As part of the financing, we have also added Michael Kelly to our board of directors along with John Pavia, Executive Vice President of Business & Corporate Development at LogicSource, a Bain Capital Ventures portfolio company based in Norwalk, Conn. Over the last 20 years, Pavia has played a pivotal role in the growth of several early-stage and mature companies.
Michael and John bring a wealth of experience in the entertainment and digital video space to the Unreel team, and we are incredibly excited to welcome them to our family. As members of the board they will help guide strategic and operational strategy to further fortify Unreel’s position as an OTT market leader. Both highly regarded veterans of the industry envision a future for Over-the-top video that is dominated by Unreel’s B2B platform and consumer facing services; now they are motivated to make that a reality. As a company, we are more confident than ever that Unreel is on the optimal path to fulfill our vision with the experienced leadership in place necessary to do so.
The financing from this round affords Unreel a comfortable extension to our runway as we undertake the process of raising a proper Series A round. The new funds will be used to expand the team, support the growth of our O&O and partners’ streaming services, and scale the company to support larger industry leading customers. A larger team will enable us to expedite many of the technical and design initiatives on our roadmap, as well as allow our head engineer to triple his nightly sleep from 1 to 3 hours. A significant portion of the raise reserved for marketing will mainly be applied to native ads on ROKU, Apple and Android to promote our own and partners’ streaming services. We continue to see a strong ROI via those platforms, and expect that to scale as it is ramped up. Budget will also be allocated towards streaming and storage services – costs we feel strongly about covering ourselves rather than passing along to partners. Last but not least, we plan on spending a small, but very necessary, portion of the raise to buy our office doggo, Pumba, a new bed.
The OTT market is booming as content owners continue to take ownership of their distribution channels. With $25 billion in annual revenue, the OTT industry is predicted to exceed $64 billion in the next four years. In fact, Juniper Research predicts total global revenues of $120 billion by 2022. Brands who partner with Unreel ensure they’re staying ahead of the game in the OTT video market, as they are given access to valuable tools to help them succeed.
“Unreel’s belief is that the future of media and entertainment will evolve from the traditional Satellite and Cable TV model to look much more like the internet, where content moves seamlessly to consumers wherever and whenever they want it,” said our CEO, Dan Goikhman. “With this funding, we can continue to grow the company’s technology platform to universally on-board and distribute content, enabling the frictionless distribution of content.
The emergence of a huge market opportunity, coinciding with our continuously improving platform and team, feels like the perfect OTT storm is forming with Unreel at the center. 2018 is beginning with Unreel in prime position to claim a large share of the growing OTT market thanks in large part to the new funding and board members.
To learn more about how Unreel is helping networks, publishers, and content owners take on OTT distribution, click here!