May 9, 2017
Joanne Chen
Congratulations to Tubi on completing their Series C! Joining us in this round are Jump Capital, Danhua Capital, and Cota Capital LLC. I am also personally thrilled to announce that I will be joining their board, allowing me to work closely with Farhad and his team to build a bigger customer base and greater brand awareness.
Foundation was an early believer in Tubi, an ad-supported streaming TV and movie network. We led their Series A, and my partner Ashu Garg and I have spent the past several years working with them to find product-market fit and grow sustainably. Thanks in part to Ashu’s support—but mostly because of Farhad and his amazingly capable team—today, Tubi offers a huge collection of movies and TV shows, and reaches a vast audience.
Tubi uses deep data mining and its proprietary TV analytics platform, along with the robust content offering from its studio partners, to deliver the best content possible. This unique blend of product and technology allows Tubi to stay ahead of the curve in meeting consumer demand. In 2016, for instance, Tubi’s audience grew by an astounding 9x rate in monthly active users.
Another reason that I’m particularly proud to be involved in this venture is that Farhad and the Tubi team are consciously building a product to meet the wants of Americans everywhere, not just those on the coasts. Despite the fact that their needs are rarely addressed by the tech industry, Tubi’s core audience has historically been among the most devoted and advertiser-desirable TV viewers.
In service of this unmet need, Tubi is partnering with over 200 channels–including Lionsgate, MGM, Paramount Pictures, and Starz–to provide even more content. Tubi’s growing streaming library already spans more than 40 genre categories from comedy, drama, family, and classics, to niche segments such as Korean dramas, Japanese anime, and British TV.
I am looking forward to joining Tubi’s board and working closely with Farhad, an exceptional leader who has built an exceptional product and fostered a grounded yet forward-thinking company culture. Foundation Capital is proud to be continuing on the Tubi journey. I guess the only thing left to say is: Stay tuned….