In February, BostInno named Layer3 TV a top stealth-mode startup to watch. And since then, the next-gen cable startup, which was formed in 2013 by former Broadbus Technologies founder Jeff Binder and former Comcast CTO Dave Fellows, has been steadily revealing more about its operations this spring. Last March, Layer 3 TV raised $21 million in Series A financing. Now, the company has closed a $51 million Series B round, bringing their total funding to date to $80 million.
Series A lead investors Evolution Media Partners (an investment company whose shareholders include Evolution Media Capital, Creative Artists Agency, TPG Growth and Jeff Skoll/Participant Media), as well as North Bridge Venture Partners, participated in this round, alongside other undisclosed new investors.
"From inception, Jeff’s and Dave’s vision of Layer3 TV has been to build the very best cable company and layer in the most cutting edge technology available," said North Bridge Venture Partners' Jamie Goldstein in a news release. "Their integration with social media, Internet of Things and diverse universe of content choices will make Layer3 TV the ultimate center of the living room."
The startup, which moved its headquarters to Denver but still maintains a Boston office, is slated to launch its much-anticipated television service later this year.
“Cable television may have dominated the business press this year but consumers continue to crave a simple, yet elegant, solution for managing the newest innovations in video, social and digital,” said Jeff Binder. “Layer3 TV is the new cable – putting subscribers at the center of the universe by giving them seamless control of their entertainment relationships.”
In addition to the cofounders, Layer3 TV’s team boasts a bevy of other seasoned cable and media vets, including: Chuck Hasek, former Time Warner Cable engineer; Eric Kuhn, social media head for United Talent Agency and CNN; Vic Odryna, former CEO of Idea Arc and ZeeVee; and Lindsay Gardner, former Fox Networks President of Affiliate Sales and Marketing. The company is currently hiring for multiple positions at its Boston office.
"We launched the company in the Innovation District and have loved seeing the area emerge in the past two years," said Binder in an email to BostInno. "The local talent that comes out of universities and other companies have been pivotal in helping us grow."
