Nuvyyo Raises $6 Million Series B Equity Financing
Led by Celtic House Venture Partners & Export Development Canada, Investment Will Help Satisfy Surging Consumer Demand for Tablo Cord Cutting DVR Solutions
OTTAWA, ON, June 30, 2020 /CNW/ - Nuvyyo, makers of the Tablo OTA DVR for cord cutters, today announced the closing of a Series B funding round of $6 million CAD. The round was led by Celtic House Venture Partners with participation from Export Development Canada (EDC) and will be used to ramp up production of Tablo Over-the-Air DVRs as the consumer market for cable TV alternatives continues to surge.
Tablo OTA DVRs enable cord cutters who access free broadcast television via TV antennas to browse, record, and stream their favorite programs via compatible apps on streaming media players, Smart TVs, mobile devices, and PCs. With Tablo, consumers can cancel expensive pay TV subscriptions while maintaining the convenience of a DVR, and enjoy an enhanced Over-the-Air television experience via a familiar grid-based TV guide, advanced features including automatic commercial skip, live streaming on mobile devices, and much more.
"Nuvyyo has consistently delivered upon its mission to provide consumer-friendly technology for cord cutters with features like Tablo automatic commercial skip service, challenging major incumbents in the retail DVR space for market share," said David Adderley, Partner at Celtic House Venture Partners, "As the trend of cutting the cord on cable TV accelerates, we have no doubt Tablo products will remain a leader in value, flexibility, and ease-of-use."
"Although the global economy faces ongoing uncertainty, Nuvyyo is well positioned for success in both the US market and domestically as consumers seek cost-effective alternatives to cable and satellite TV," said Eugene Siklos, VP Investments at EDC. "We are pleased to be able to supportthe continued growth of this exciting and innovative Canadian company."
"Use of Over-the-Air TV antennas is up more than 50% over the past 8 years as traditional pay TV providers consistently report record quarterly subscriber losses," said Grant Hall, CEO at Nuvyyo. "This presents a tremendous opportunity for us to grow the Tablo brand with OTA TV consumers and this infusion of working capital will help us meet the increased demand for Tablo DVRs via both retail and direct-to-consumer channels."
Earlier this year, Nuvyyo also closed a $500,000 term facility with BDC Capital Inc. for growth capital which supplements the already existing term facility in place.
About Nuvyyo, Inc.
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