Roku says raises $60 mln in latest funding round

Wed May 29, 2013 2:25pm EDT

May 29 (Reuters) - U.S. television start-up Roku said on Wednesday it has raised $60 million in new funding from some of the largest media companies including Hearst Corporation, News Corp and British Sky Broadcasting as well as institutional investor Fidelity.

The company said in a statement on Wednesday that the new investment will help Roku expand its streaming services.

Fidelity, which led the latest round of funding, and Hearst are both new investors. Roku said it has now raised $140 million to date.

Roku competes with Apple Inc's Apple TV and is working with U.S. cable operators such as Time Warner Cable Inc to let users stream their cable TV through the box.

The company, which was founded in 2008 to stream Netflix videos, has sold more than 5 million boxes in the United States allowing customers to watch video over the Internet on their TVs and access streaming services such as Pandora, Amazon, Hulu and HBO Go.

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