Free streaming TV service Pluto TV raises $8.3M, in new round led by Samsung

Sarah Perez

Free streaming TV service Pluto TV announced today it has received a new $5 million investment from Samsung Venture Investment Corporation, the VC arm of the Samsung Group. Combined with other investors, the full round totaled $8.3 million, the company says.

The round follows a $30 million Series B for the streaming service, announced a year ago, which valued the business at $140 million. Investors then included ProSieben of Germany and Scripps Network Interactive, among others. While that round was more focused on helping fuel Pluto TV's expansion into the European market, the funds from Samsung could be viewed as more of a strategic investment from a partner. (Pluto TV already streams its content on Samsung Smart TVs.)

Pluto TV's service itself offers over 100 free live channels and on-demand programming. Today, it has partnerships with TV networks, movies studios, publishers, and digital media companies. And it has been rapidly making new deals for content in recent months.

This year alone, for example, Pluto TV announced over 40 partnership deals with  Warner Bros, Lionsgate, Metro-Goldwyn-Mayer (MGM), Bloomberg, Al Jazeera English, Cheddar, Gravitas Ventures, Asylum, Viz Media, Electronic Music Awards, Big Sky Conference, Stadium, Jukin Media, and JASH.

Pluto TV is available online, on mobile devices, and on media players and other living room devices including Samsung Smart TVs, Roku, Apple TV, and game consoles like Playstation and Xbox.

“Samsung is the global leader in the TV market, changing the way people experience entertainment through constant innovation,” said Tom Ryan, CEO of Pluto TV, in a statement about the new funding. “Their investment in Pluto TV is a great vote of confidence in our mission to bring free Internet television to consumers everywhere."

“Pluto TV is the leading free Internet TV service in America and we see huge potential for the company as they scale their cutting edge offering to viewers around the world,” said Jihong Kim with Samsung Venture Investment Corporation, also in a statement.

To date, Pluto TV has raised $51.8 million from investors including USVP, ProSiebenSat.1 Media, Scripps Networks Interactive, Sky, United Talent Agency, Luminari Capital, Chicago Ventures, Pritzker Group and others.