Set-top box manufacturer Roku is reportedly in the process of raising $200 million in venture funding at a valuation of $1.5 billion. The round will reportedly be led by U.S.-based investors, per Fortune, which broke news of the round, but “not standard Silicon Valley venture firms.”
The round could even exceed $200 million, per Fortune, given that it may include secondary sales of shares by existing investors. Roku, which was founded in 2002 by the entrepreneur and inventor Anthony Wood, has raised a total of $211 million thus far from the likes of News Corp., Fox Networks Group, Hearst, Netflix, Sky, and Viacom.
Last December, Roku said that its devices accounted for 13% of all U.S. smart TV sales — or one in every eight purchases. The company also said it has more than 13 million monthly active accounts who streamed a total of 9 billion hours of video and music last year from its catalog of 450,000 total movies and series. The devices are available in 10 countries. This year, Roku expects to increase its total number of devices offered in North American from 100 to 150.
Roku’s competitors in the increasingly crowded connected TV market include Apple, Amazon, Google, and others.