Pluto TV expands into Europe

US-based OTT service Pluto TV has raised US$30m from investors including ProSiebenSat.1 in Germany and Scripps Networks Interactive in the US.

The series B round of funding follows European satcaster Sky investing US$1.5m in the company after it launched in 2014.

Sky also participated in the latest round of funding, which values Pluto TV at US$143m.

The start-up organises online video content into themed channels across mainstream and niche subjects.

As part of the investment from ProSiebenSat.1, Pluto TV has acquired the German firm’s Berlin-based OTT start-up Quazer, which targets German-speaking markets with non-fiction programming.

“With this funding and the expansion into Europe, Pluto TV is uniquely positioned to become the global OTT destination for free television,” said Pluto TV CEO Tom Ryan.