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The last time mobile video startup MobiTV said they raised $70 million in a third round of funding, we used them as an example of the return of the big VC money. Now the Emeryville-based company is announcing today that it has raised even more money as part of its Series C: $30 million with additional investors Hearst Corporation and Adobe Systems. The company says their total Series C funding comes to over $100 million bringing the company’s total to $125 million raised since the company started in 1999 — now that is a lot of money.
What are they going to do with it? The company was a little vague on the details and cited the usual laundry list — customer acquisition, international expansion, etc. — but the additions of Hearst and Adobe are interesting moves for the company. Hearst has various media outlets, including television, radio, Internet, magazines and newspapers, so help with content deals could be a nice addition to an investment. Adobe on the other hand has been looking to invest in companies that use Adobe platforms, especially the new Apollo, as Liz wrote recently. MobiTV’s AT&T Broadband TV service uses Flash.
MobiTV CEO Phillip Alvelda says that among other assets the two new investors are “neutral” companies, meaning not many other content, hardware or media partners would take offense to the investment. MobiTV has a lot of deals under its over six-year life span, so it’s probably a good idea to tread carefully. Now the company just needs to get more subscribers; its last released numbers were just at one million.